The massive federal bailout of U.S. financial firms reflects everything that’s wrong with the economic system of welfare and interventionism under which the United States has operated since at least the 1930s. There are critically important lessons in the bailout that the American people ignore at their peril. While most politicians and mainstream pundits are viewing the bailout as a necessary “reform,” it is imperative that we place this “reform” in a much wider and deeper context. In doing so, we need to return to first principles. Full Story
You should read the rest of the article it's pretty good. I challenges you to think how how much economic liberty we would have if we had: No Welfare, No Immigration controls, No public systems, no Federal Reserve, No welfare, No Social Security. Oh yeah, and No income tax, cap gains, or estate tax. Wow...heaven...:)
Tags: 1930s, bailout, Economic System, Financial Firms, Interventionism, Mainstream, market socialism, Politicians, united states, wall street, Wall Street Bailout, Welfare
Wall Street banks in 70 billion staff payout 10 percent of Bailout
October 20, 2008 By Leave a Comment
Financial workers at Wall Street's top banks are to receive pay deals worth more than $70bn (£40bn), a substantial proportion of which is expected to be paid in discretionary bonuses, for their work so far this year - despite plunging the global financial system into its worst crisis since the 1929 stock market crash, the Guardian has learned.
Tags: bailout, banks, stock market crash
Bush’s Socialist Bailout Bill Slams Markets Dow Down 733.48
October 15, 2008 By Leave a Comment
U.S. stocks plunged the most since the crash of 1987, hammered by the biggest drop in retail sales in three years and growing doubt that plans to bail out banks will keep the nation out of a recession. The Standard & Poor's 500 Index plunged 90.31 points, or 9.1 percent, to 907.7. The Dow Jones Industrial Average retreated 733.48, or 7.9 percent.
Tags: bailout, crash, industrial average, recession