Oct 05 2008

Capitalism tried and found guilty for the crimes of socialists

Category: economy,media,philosophy,politicsharmonicminer @ 9:05 am

I should probably stop quoting Mr. Bidinotto so much, but his analysis is simply dead on target. After reviewing the history of the current financial meltdown (that’s what happens when you play with something as radioactive as cheap financing for bad credit risks with a short half-life in the name of equality), he opines:

Now, what’s Congress’s answer to all of this?

To nationalize the bad loans — thus formalizing the taxpayers’ obligation to underwrite the rampant irresponsibility that led to this mess in the first place.

The welfare state established the basic moral principle we now see in all its ugliness: that responsible taxpayers are to be sacrificial servants of the irresponsible — that they are to buffer the irresponsible from the destructive consequences of their actions, by absorbing that damage themselves.

But now, we are adding the following amendment to this premise of moral cannibalism: that the greater and more destructive the irrationality caused by others, the more immediate and pressing is the taxpayers’ moral duty to absorb the harm onto themselves.

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