Just doing my normal evening reading, and I came across this fine post from Yves at Naked Capitalism. It goes into a lot of detail that might bore some of you guys, but there are two important points to take from the post.
One, as I feared, the TARP and similar government programs are becoming vehicles for connected parties to get bailed out by taxpayers on an epic scale.
Two, the MSM, caught up in the drama of home foreclosures and the stock market implosion and assuming as always that government intervention is the answer to any problem, is completely missing the story here.
The bailout is not going to fix anything fundamental. It is simply going to allow the government to select a handful of winners at the expense of countless losers, including any company considered expendable and, as always, taxpayers.
9 hours ago