A thought occures to me at this point.
How is the US different than Communists?
Hugo Chavez takes over companies with real assets that make a profit.
We take over companies with dubious assets that take a loss.
Think about it...
TODAY we take over failing companies. Tomorrow, if they keep their promise, the democrats wlll be taking over profitable ones.
I've managed to double post this entry. Please post comments on this one, I'm trying to delete the other. Sorry for the lost comment on the other post!
The communist use nationalisation of companies as standard policies.
The U.S. are trying to save the financial world as we know it, save itself and the world from a possible hard depression that might last for a decade.
Effectively, they are amputating a part of their morals in order to save the whole system. I think it's the right choice than letting the system die as a whole. Or even potentially die.
I agree that action must be taken, but I would like to see at least a nod to reforming the system that got us here along with the immediate action.
I am warming to the idea of suspending or removing the "mark to market" rule for starters. 90% of american households are not going to default on their morgages unless Big Government makes things dramatically worse, so marking these "toxic" loans at $.10 on the dollar is not a valid accounting representation IMHO.