So, it's pretty crazy. Look, we're bailing out Wall Street, we're bailing out banks, we're bailing out car companies. In fact, did you know there's a special box on your tax form this year you can check if you want a portion of your taxes to actually go to running the government?
When government is... bailing out banks... we have every good reason to be alarmed.
In truth, in the fairy-tale version of bailing out Lehman, the next domino, A.I.G., would have fallen even harder. If the politics of bailing out Lehman were bad, the politics of bailing out A.I.G. would have been worse. And the systemic risk that a failure of A.I.G. posed was orders of magnitude greater than Lehman's collapse.
It's responsible for the sloppiness and imprecision of the War on Terror, for example. It's responsible for taking people's tax dollars and spending the country into debt on useless wars and pointless pork projects to buy votes. It's responsible for bailing out the banks instead of standing up for the people the banks cheated. It's responsible for plenty.
I have no interest in bailing out anybody, quite frankly, and I think banks have to suffer every dollar of loss if they make a bad loan.
Remember we had two Democratic houses of Congress along with the [Barack] Obama administration that laid out those policies before they lost Congress because people were very disappointed in what the Obama administration did - bailing out Wall Street instead of bailing out Main Street. So as someone who follows the climate very closely, there's no question that "all of the above" has been an absolute disaster.
Bailing out people who made ill-advised mortgages makes no more sense that bailing out people who lost their life savings in Las Vegas casinos.
In the United States, the government is bailing out banks, intervening in the economy, yet in Latin America, the Right continues to talk about 'free markets.' It's totally outdated; they don't have arguments; they don't have any sense.
If I were a capitalist I would not give my employees health insurance with no deductible, which I do, including dental, and paid pregnancy leave. That's not called capitalism, that's called being a Christian and someone who believes in democracy, so that everyone should get a fair slice of the pie.
Before the 1970s, banks were banks. They did what banks were supposed to do in a state capitalist economy: they took unused funds from your bank account, for example, and transferred them to some potentially useful purpose like helping a family buy a home or send a kid to college.
The American people, whether you are Democrat, independent, Republican, progressive, conservative, do not believe corporations are people or that corporations should be able to buy elections.
There used to be corporations that produced products. Now there are just banks that produce deals, hedge-fund-driven banks and derivatives and those things.
If you want government to take everything, if you want government to take more and more over with the banks, more of the industries, all of a sudden you're going to have a government auto czar, right there, right down the line, that's socialism.
Production for the sake of production - the obsession with the rate of growth, whether in the capitalist market or in planned economies - leads to monstrous absurdities. The only acceptable finality of human activity is the production of a subjectivity that is auto-enriching its relation to the world in a continuous fashion.
If there is one common theme to the vast range of crises...it is that excessive debt accumulation, whether it be by the government, banks, corporations, or consumers, often poses greater systemic risks than it seems during a boom.
A liberal is a person who believes that water can be made to run uphill. A conservative is someone who believes everybody should pay for his water. I'm somewhere in between: I believe water should be free, but that water flows downhill.