Friday, April 3, 2009

Quick, Rescue the Economy

Gadfly
by Mort Malkin

Quick, Rescue the Economy

When Secretary Geithner gave the details of his economic rescue package, Wall Street celebrated with champagne and the Dow Jones turned into a Roman candle. He asked for a partnership between government and private investors with a sharing of profits but the government covering all losses. Entrepreneurship with the government taking all the risks — capitalism at its finest!

A couple of days later Secretary Geithner asked Congress for power to regulate insurance companies (like AIG), private equity funds (like Carlyle), and hedge funds (like … they keep a low profile). But what about investment-banks such as Goldman Sachs, Morgan Stanley, JP Morgan Chase, Bank of America Merrill Lynch … or are these mondo institutions too complex for the government to audit?

All I know is: when the stock market goes up so suddenly, it’s time to be suspicious that there’s collusion between Wall Street and the White House.

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