Thursday, October 09th, 2008 | Author:

In the days when a local banker invested in a local business, he had personal information to assess his risk. Today on Wall Street, there are so many layers and so much government interference, investing in the stock market is a lot more like gambling – and US taxpayers may be the next to roll the dice.

A NY Times article says the “Treasury Department is considering taking ownership stakes in many United States banks to try to restore confidence in the financial system.” This doesn’t restore my confidence, it gives me the willies.

Do we really believe that the government that created this whole financial mess, and currently has a debt ceiling of $11.3 trillion, is going to be any better at running banks? Have we really given up on free markets and bought into the lies of socialism? Do we really want our tax dollars used to gamble on Wall Street?

I think not.

Category: bailout, libertarian
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