I don’t often write about politics, or anything related to it, on my journal.
However, the SEVEN HUNDRED BILLION DOLLAR buyout deal that Henry Paulson, the Secretary of the United States Treasury, is trying to get done, is insane.
This isn’t Capitalism.
If I didn’t believe in Capitalism, I wouldn’t be working at a startup.
If Joost fails, I don’t expect anyone to help me. I expect it to hurt. But it is my risk to take, why do giant financial companies, who have done apparently stupid things, get treated differently?
If Joost is successful, I expect rewards, and this is the basis of any capitalistic system, but these buyouts are creating a system in which stupid companies can do badly — and their employees still get rewarded.
I didn’t live during the Great Depression. I don’t know how bad it can get. I have lived an ‘easy’ life in modern America.
But I would rather see another depression than this massive buyout.
Whatever is going on, it is not capitalism, and I am sad to see America going in this direction.
please write to your Senator and Congressman
In that vein, I will now have a much harder time persuading people to support the free market system. I’m not sure how many conversations I’ve had where I argue for the high salaries of the financial guys — it’s a function of risk vs. return, incentive to get the best minds running the funds, blah, blah. These guys should not get bailed out, and if they fail, that’s their fault. The guys in Washington are doing a bang up fear mongering job, though.
Also, didn’t know you were at Joost now — that’s pretty cool.
s/finical/financial/
Unfortunately the velocity of failure is going to forestall any real discussion of alternate solutions.
@rchiniquy: financial fixed. thanks.
Yeah, the fear mongering and the ‘requirement’ that this is fixed by Friday will insure that reasonable solutions don’t come into the debate.
not capitalism and not socialism either, but, though i hate to use the term: something more like kleptocracy. one wonders how much of the money will come back as campaign contributions. this is some sort of proof of what some social theorists who work in Southern Africa have said for some time: that African post-colonial politics/economics is, perhaps, a reflection of the direction of future first world politics/economics.