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Saturday, October 4, 2008

Wall Street bail-out

Representative Marcy Kaptur, D-Ohio, 9th District, Toledo, is my new hero, and a spectacularly clear speaker about the recent travesty. Click on the title of this entry to see her talk to Congress. This phrase captures it all: the bail-out represents the privatization of gain for the few, and the socialization of loss to the many.

I think and write a lot about comparisons between the public and private sectors. Let's be frank about the bail-out: it seems to represent a complete failure, through unregulated greed, of our private sector, "free market" financial system. After fending off regulation, Wall Street now "can't afford to fail," so requires the immediate support of government. Can you spell "hypocrisy?"

Incidentally, see this piece about how the Swedish government handled a similar crisis by doing much as Rep. Kaptur suggests: require government ownership of properties in the bail-out, so the people get paid back.

Oh, and one last thing. The Douglas County Libraries, in the past two decades, has had no financial scandals of any kind. Just about within that period, we've had the Savings and Loan bail-out AND the Wall Street bail-out.

Private sector Wall Street, or public sector local library. Who can you trust?

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