I agree, don't bail them out with taxpayers money so they can repeat the same thing again, but then when did the ordinary Joe taxpayer ever figure in any of this. It will be politically spun so well that the taxpayer will end up thanking the government for saving them from another 1929! Whatever strings they attach the market will always argue it's too restrictive and interferes with day-to-day business. Here in the UK they're already arguing that the temporary ban on short selling is illegal. Let's face it the markets pretty much run the economy, they're the puppeteers pulling the strings.
The "outdated" 3Q 2008 NYSE Euronext circuit-breakers governing trading halts in the event of single day 1200, 2400, 3600 point declines: http://www.nyse.com/press/circuit_breakers.html The "new" 3Q 2008 USSRA (the United Socialist State Republic of America*) circuit-breakers governing trading halts in the event of single day 400 point decline followed by a second single day 400 point decline: NYSE stays open - taxpayer ponies up 1 Trillion to bailout all corps responsible for the decline *************************************************** * I snitched USSRA from Nouriel Roubini. Here's some more from him: "This is the biggest and most socialist government intervention in economic affairs since the formation of the Soviet Union and Communist China. So foreign investors are now welcome to the USSRA (the United Socialist State Republic of America) where they can earn fat spreads relative to Treasuries on agency debt and never face any credit risks (not even the subordinated debt-holders who made a fortune yesterday as those claims were also made whole). Like scores of evangelists and hypocrites and moralists who spew and praise family values and pretend to be holier than thou and are then regularly caught cheating or found to be perverts, these Bush hypocrites who spewed for years the glory of unfettered Wild West laissez-faire jungle capitalism allowed the biggest debt bubble ever to fester without any control, and have caused the biggest financial crisis since the Great Depression. They are are now forced to perform the biggest government intervention and nationalisations in the recent history of humanity, all for the benefit of the rich and the well connected. So Comrades Bush and Paulson and Bernanke will rightly pass to the history books as a troika of Bolsheviks who turned the USA into the USSRA. Zealots of any religion are always pests that cause havoc with their inflexible fanaticism â but they usually don't run the biggest economy in the world. These laissez faire voodoo-economics zealots in charge of the USA have now caused the biggest financial crisis since the Great Depression and the nastiest economic crisis in decades." http://www.guardian.co.uk/commentisfree/2008/sep/18/marketturmoil.creditcrunch
Somebody needs to make up a site "America's Most Wanted" with not just the administration guys, but also all the C-suites and board members of everyone of these bailouts
Didn't idiot Paulson, as CEO of Goldman Sachs, create this mess? And we the people entrust him to cure it? Holy shit!