But with the new financial woes surrounding Lehman Brothers and Merrill Lynch, we cannot, CANNOT have another bailout like the Fannie Mae and Freddie Mac bailout Sept. 7. Given that
"The rescue package represents an extraordinary federal intervention in private enterprise. It could become one of the most expensive financial bailouts in American history, though it will not involve any immediate taxpayer loans or investments.
The Treasury secretary, Henry M. Paulson Jr., who engineered the plan, would not say how much capital the government might eventually have to provide, or what the ultimate cost to taxpayers might be. Two months ago, the Congressional Budget Office gave a rough estimate of $25 billion. One senior government official, speaking on the condition of anonymity, signaled on Sunday that even that figure was optimistic."
That's $25 billion+ of taxpayer money used to ensure that horrendously mismanaged financial institutions don't go under. The taxpayers are SUBSIDIZING INCOMPETENCE.
When a regular employee screws up, they get fired. When the CEO drives the company into the ground, the taxpayers help pay his/her salary. Am I missing something here?
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