7 comments on “Wall St bailout: the deal is done – Times Online

  1. Yep, apparently, in America, the rich are free to do everything but fail.

    I oppose the proposed bailout plan because private sector has shown there is money available: all five big investment banks — Bear Stearns, Merrill Lynch, Lehman Brothers, Goldman Sachs and Morgan Stanley — morphed into regular banks.

    The U.S. has failed in its principles when it came to external enemies — a war of aggression, allowing torture, the Patriot Act that allows spying on our own citizens. Now we’re going to sacrifice the rest of our principles because of the fear of an internal enemy — loss of credit. Yeah, it’ll hurt, but it was a bubble and nothing was worth what we were told it was worth.

    That’s freedom, Baby. Too bad it doesn’t reside in America anymore.

    You’re right about stability. $700 billion now will be the tip of the iceberg. The next administration and congress will want its own pile of money to hand out to friends.

  2. Lottie: I somehow thought you might 😉

    Teresa: the thing that always strikes me as rather peculiar about this is that everyone seems to be acting as if they just didn’t see it coming. Now, I’m no expert — though I do follow the financial markets etc to a degree — but, as I see it, the warning signs have been on the horizon for quite some time. And I’m talking about years rather than months. The bubble, in other words, was allowed to grow whilst it was in “everyone’s” short-term interest. Hugely irresponsible.

  3. You’re right, Gary. They should have seen it coming years ago. An old “hippie” friend of mine predicted this two, maybe three years ago, so I find it hard to believe that the fat cats sitting right in the middle of it didn’t have a clue. Like you said, this is a result of major irresponsibility.

    Teresa nailed it too:

    Yep, apparently, in America, the rich are free to do everything but fail.

  4. Saying that, no matter how many drugs these old hippies did back in the 60s, they’ve still got more brain cells than some of the jerks taking care of our economies! So maybe the credit crunch/quake was inevitable! 🙂

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