Monday, June 09, 2008
Revolutionary Slogan of the Day
Where once Americans understood the cry "No taxation without representation," another American revolution might start with "No bailouts without social ownership." —William Tabb, Professor Emeritus at Queens College, writing in "Financial Crisis and Financialization's Appropriations"
It's not very catchy. I think "No salvation without socialism" would be snappier.
But seriously, taking the viewpoint of business, the American public should ask itself "What would a capitalist do in similar circumstances?" Would said capitalist merely bail out a business from the goodness of his heart or demand a slice of the action? And that is exactly what the sovereign wealth funds (SWFs), the investment arms of other governments, are doing as they assist with the Great Bank Bailout of 2008.
Odd that these governments, to which we are indebted for everything from oil to flag pins, can own significant chunks of the American banking system, but the American people can't—no matter how much money they put in.
Free-Market Objective of the Day (11/10/07)
"First" of the Day (1/21/08)
Understatement of the Day: A failing economy and an ignorant public (5/26/08)