Stephen A. Lawrence wrote:
I cannot pretend to understand this bailout. However, one thing seems clear: When it looked like Citibank and BOA were going to be nationalized, the stock market went into a full power dive.
I think we should ignore the stock market and do what is best for the taxpayers. If we nationalize the banks and Wall Street has conniptions I trust it will recover after a while. (By the way, I mean temporary nationalization. After the crisis fades the Feds should sell the stock.)
To put it another way, the people on Wall Street were the ones who got us into this mess in the first place so I do not trust their judgement. They do not know what is good for the country or even for themselves. If they understood their own best interests they would never have dynamited the capitalistic system. They set up these astounding house-of-cards financial arrangements. They appear to be the least-qualified people on earth to be running the system. I know practically nothing about high finance, but -- seriously -- I expect I could do a better job.
- Jed
