Friday, October 15, 2010
Joe Sestak has a pretty funny new ad--Belle.
It's funny because it's true!
Sure, some people might get a little tetchy because it likens the deregulation impetus of Club for Growth capitalism uber alles types and rampant collusion between pols and Wall Street to dog litter. But there is a very good reason for this.
Joe Sestak does not own a bull.
The bail-out of the banks was a hard thing for politicians to vote for--the consequences would have been worse. As it is, TARP cost way less than the sticker-price. The stimulus basically worked, too, if modestly, as its scope was kind of modest. It's possible for the government to take steps to intervene in a crisis for a postive result. What can't be allowed to continue is the moral hazard of a system where deregulated financial institutions basically make their own rules, and the taxpayers are obligated to back them up to preserve our economy.
We had the S & L crisis at basically the terminus of the Reagan/Bush years. That was a bail-out. Then we have today--
Is our capitalists learning? Can we clean up the mess for good?