Posted on September 18, 2008
Who pays for Wall Street bailouts? You do.
The recent failures of many big names on Wall Street have rattled investor confidence but have little direct effect on average Americans. The big money boys have been playing their games for years and almost always winning. Now they’re losing one. It goes with the territory.
But governmental bailing out of Wall Street firms may ultimately cost a lot of money that would be better spent helping Main Street homeowners and small businesses. It’s tantamount to welfare for the super rich. And according to a recent Dallas News article, even many Republicans are now questioning the wisdom of putting the government on the hook for private investors’ excesses.
I believe the GOP should change their name to GOSP for Grand Old Socialist Party since every time they mess up financially the government pays to cover it up. When they make lots of money then they call it the free market and don’t want to pay taxes on it (Bush tax cuts and borrowing from China and other friendly countries).
Of course we pay. The lobbyists wouldn’t have it any other way.