Bailing out the ruling class

The Partial Observer
by James Leroy Wilson

11/13/08

[T]he bailout solution is attractive to the Political Class, because it increases their power over our lives. But their mismanagement can’t go on forever. Ask the French Ruling Class of 1789, or the Russian Ruling Class of 1917 if, in retrospect, they would have done things differently. Our own Ruling Class not only do not know what is in the national interest, they don’t even know what is in their own best interests. That’s why they resist tax reform. Reform the tax system by making it less intrusive, and we could revive the economy. When the economy grows strong, the ruling class will benefit by getting the credit. As a Taoist might say, to increase power, you must give it up...

//partialobserver.com/article.cfm?id=3104



Politicizing markets to rob the poor and reward the rich

Classically Liberal
by CLS

11/13/08

Numerous historians and economists, from all sides of the political spectrum, have noted that Big Business is able to use the Regulatory State to protect itself from competition and to transfer wealth from taxpayers to themselves. What we have is an Iron Triangle of Interests which harms the economy and make all, but the favored few, worse off as a result. The most obvious partner in this Iron Triangle of Interests is Big Business itself. These corporations use the political process to buy influence with politicians. And politicians are very anxious to sell that influence to the various bidders. Of course, when it comes to purchasing influence with the political elite it is always the rich and powerful who are able to do so...

//tinyurl.com/5wryms



The trust factor in mortgage bailouts

Christian Science Monitor
by staff

11/13/08

By now, most Americans have lost track of who is being rescued by Washington. AIG, yes. Lehman, no. Fannie Mae, yes. GM, maybe. Still at the heart of this mess, however, are troubled mortgages. The latest plan to help homeowners strikes a right note. It aims to restore a key and illusive factor in business contracts: trust. Simply throwing taxpayer dollars at problems such as rising home foreclosures or sinking US automakers doesn’t solve the fundamental issue that certain industries have suffered a breakdown of confidence over many years. Americans feel deeply betrayed. Why should taxpayers, for instance, now trust GM, Ford, and Chrysler to make vehicles as consistently reliable and affordable as foreign competitors if they are handed billions? The evidence is not yet in. Simply ’saving jobs’ doesn’t make sense if those jobs still make cars many buyers don’t want. The same is true for troubled mortgages. How can government help fix the broken bonds between lenders and borrowers?

//www.csmonitor.com/2008/1113/p08s01-comv.html


Informant: Thomas L. Knapp

--------

Where Is The Bailout Money Really Going?
//www.cbsnews.com/stories/2008/11/12/eveningnews/main4597233.shtml


Informant: bdpoe

--------

Lehman Administrators' Task Will Dwarf Enron, Creditors Told

· European arm has more than $500bn of debt
· Collapsed bank's creditors expect less than 10%

By Simon Bowers

Speaking after the first creditors' meeting, a team from PricewaterhouseCoopers said they had identified more than $1tn (£670bn) in assets and liabilities that need to be accounted for.

//www.informationclearinghouse.info/article21230.htm



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