In which chronic liberal pundit Kevin Ellis finds common cause with Libertarians. When things go bad, why the big bailouts for big corporations?
My issue for this week is what happens when things go bad, on the way down. We are all for capitalism on the way up. But why aren’t we for capitalism when things go bad? After the 9-11 terror attacks, we spent ourselves in hoc for national security (war). In 2008, Treasury Secretary and former Goldman Sachs Chairman Henry Paulson got down on one knee and begged House Speaker Nancy Pelosi to bail out the Wall Street banks to save the country from the George W. Bush recession of historical proportions (unfettered capitalism).
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