Bailing out failure only begets more of it as we know from the disastrous welfare experiment. Greenspan may be taking the pragmatic line in supporting a bail-out but it is surely a misconceived act albeit one totally in keeping with the meddling interventionist statist leftist PM riding in on his charger to enable the wrong in their folly.
Investment is always a risk. Why should taxpayers foot the bill for a risk gone wrong? How many more banks are waiting in the wings in a similar position? What precedent does it set for future acts of banking folly?
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4 comments:
So, Nic, how are the bastards treating you?
Which bastards?
Depends. Sometimes I can't tell one set from another.
Perhaps that's why socialists call everyone 'brother'.
Figures.
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