More Welfare for Corporations

A protester holds a stone during clashes with police in Tehran June 13, 2009. Thousands of people clashed with police on Saturday after the disputed election victory of President Mahmoud Ahmadinejad sparked the biggest protests in Tehran since the 1979 Islamic revolution. (REUTERS/Ahmed Jadalla)
A protester holds a stone during clashes with police in Tehran June 13, 2009. Thousands of people clashed with police on Saturday after the disputed election victory of President Mahmoud Ahmadinejad sparked the biggest protests in Tehran since the 1979 Islamic revolution. (REUTERS/Ahmed Jadalla)
Free-market, laissez-faire capitalism has a “risk and rewards” flavour. One gambles capital (money) in the hopes of a profitable gain. The greater the risk, the greater the reward. One might gain immense wealth, or one might lose one’s proverbial shirt.

The government bailouts for corporations and huge bonuses for the already overpaid muck-de-mucks that bankrupted them is an example of the diametric opposite of capitalism.

It must put leftists in a real pickle. They typically hate corporations… but love government. They hate Republicans/Conservatives and love Democrats/Liberals. And here we have Holy Redeemer President Obama following directly in the footsteps of President Bush in ensuring that taxpayers (generally the middle class) get to foot the bill for paying executives millions in salary and bonuses… when those executives bankrupted their companies for personal profit by fraudulently gambling taxpayer’s investment money and losing it all.

In a capitalist economy, those executives would have been lucky to escape with the clothes on their backs. They risked everything on wild gambles and failed. Fair enough. They should have lost everything, not gained huge bonuses.

In a just or lawful society, they would have been tried for fraud and, where found guilty, duly punished or sued for reparations.

But in our twisted society, the defrauders get rich, the insanely powerful politicians gain more power, and the middle class gets more life-crushing public debt to go along with their lost savings and investments and retirement funds.

I’m shocked (and somewhat disgusted) that the American people are not marching in the streets in protest like China or Iran.

But no-one will.