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Comments (0)The general consensus concerning the financial markets bailout is that not only was it a good idea, but also that it was necessary. The financial system, for myriad reasons, was at the brink of collapse, probably closer to disaster than most of us realized, and the infusion of taxpayer money saved the day. Granted, this is a counter-factual argument, since it is difficult to ascertain where we would be if the bailout didn’t happen. I for one will agree the bailout was a good idea. The stock market (Dow Jones) has crossed the 10,000 mark, although no one seems to know exactly why or whether that level is sustainable, and the banks in such dire straits a year ago are now reporting record profits and rewarding themselves accordingly. So what’s changed? Unfortunately nothing has—except for the free money, of… read more
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