HENRY THOREAU OF WALDEN FAME MAY HAVE SOMETHING TO SAY ABOUT THE CURRENT BANK FAILURES...
WHEN THOREAU WAS ASKED WHY HE OBJECTED TO CHARITY FOR THE POOR HE SAID:
IF YOU GIVE A RAGGED MAN MONEY...HE WILL ONLY BE LIKELY TO BUY MORE RAGS !!
SO TOO WITH THE AMERICAN BANKS...
BY BAILING THEM OUT...AND "TAKING OVER" THEIR BAD DEBT...
WE ONLY ENCOURAGE THEM TO GO OUT AND GENERATE EVEN MORE BAD DEBT...
FURTHERMORE, GIVEN THE SAD AND DISTORTED STATE OF THE AMERICAN ECONOMY...WITH MONEY HIGHLY CONCENTRATED AT THE "UNPRODUCTIVE" TOP...WITH THE "SPECULATING CLASS" SO TO SPEAK...
AND WITH THE MIDDLE AND BOTTOM OF THE US ECONOMY ESSENTIALLY STARVED FOR CASH...VIA WAGES...ALTHOUGH UNTIL RECENTLY THESE "COMMON PEOPLE" HAD PLENTY OF CREDIT CARDS AND HOME EQUITY "ATMS" TO USE...
I DON'T SEE HOW THE BANK BAIL OUT HELPS AT ALL...!
WHAT IF THE RAGGED BANKS JUST GO OUT AND BUY MORE RAGS ...AS THOREAU PREDICTED THEY WILL...
IN SHORT...YOU CAN'T MAKE A LEOPARD CHANGE HIS SPOTS... AND THE WALL STREET MINDSET IS SO TOXIC...THAT I DON'T SEE HOW "HELPING" THEM SOLVES ANYTHING...
IN SHORT...RUN THIS ECONOMY "AS IF" ONLY THE MIDDLE CLASS MATTERED...LIKE THE DEMOCRATS DID ....PERHAPS SOMEWHAT UNDER CLINTON... AND SEE WHAT HAPPENS...
MORE OF THE SAME...WITH THE SAME MINDSET IN WALL STREET AND WASHINGTON IS THROWING GOOD MONEY AFTER BAD....!
