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3 thoughts on “Unreal

  1. Here’s the good news: AIG is not a taxpayer bailout. The Fed loaned them the $170 billion and there is not a nickel of taxpayer money in the Federal Reserve.
    Here’s the bad news: The money that the Fed is creating and pouring into AIG and other financial institutions is putting all money (not just what you pay in taxes)in jeopardy. All money is worth less as the result of these actions.
    Perhaps these two outraged individuals in this piece would serve the public better if they actually knew how the monetary system works. For now, they are just a part of the Roman Circus that distracts us from understanding how our system works and what we might do to change it.

  2. Mr. Sharon may be technically correct and clearly much of the hysteria is uninformed. But govermental actions in recent months are aimed at socializing risk. Socializing of return cannot be far behind.

    Bill Walsh

  3. The California prison guards have the strongest union in the country, and even they could never get a contract like this in the first place. Have you ever heard of a 30 year contract with a labor union? Nope. Ain’t gonna happen. Why is it so much harder to break out of these contracts than to break out of a contract with a labor union? Could it be that they never even tried? Looks to me like the old buddy system is at work here, as usual, using the contracts as a convenient excuse.
    Indeed, money from the Fed is not technically a tax, but it causes inflation, which has been called “the cruelest tax of all”.
    By the way, risk and loss have always been socialized, but never profits. There is nothing new here. The theory behind doing it this way is to encourage innovation, by lessening the fear of what might happen if things go wrong. Unfortunately, it also encourages innovative thieves.
    Workers don’t get bonuses when they really screw things up. They get fired.

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