Friday, August 22, 2008

Market realities

So does free-market capitalism work or not?
The Big 3 Detroit-based automakers are seeking about $25 billion in federal loans as they struggle to ride out a steep downturn in U.S. auto sales, The Wall Street Journal reported on Friday.

I mean, if we as a nation truly believe in deregulation and free-market capitalism then we should just stand by and let these venerable companies fail. Right? We can't be held responsible for the incompetence of their corporate officers who pursued policies of short term profits without an eye on long term realities... [/snark]

Without a doubt, however, look to Republican free-market politicians to be among the loudest voices in favor of this corporate bailout, just as they have applauded the Federal Reserve's interference with Bears-Stearns, while blaming the mortgage crisis on a lack of personal morality and our economic problems on being a bunch of whiners.