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Nationalized Banks, Privatized Profits, Socialized Losses

[ 2 Comments ]Posted on September 18, 2008 by admin in Politics

Thursday, September 18th, 2008

Since we’re bailing out Merrill Lynch, AIG, Fannie Mae, Freddie Mac et al, does that mean we get to go to board meetings now?

I’ve always believed that buying insurance was like giving someone money to protect you from something that’ll never happen so that they can not protect you when it does. Which is why I’m sitting here wondering if maybe the average working stiffs like you and me shouldn’t be a little more disturbed that we and our children and their children will be responsible for paying for the absurd (where’s your irrational exuberance now!?!?) behavior of the insurance and financial industries over the past decade or so. Will we get some kind of profit sharing when these industries start making money again? Or is this communism for the rich?

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