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Socialist America
abailart
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11
7-29-2008 6:15 AM
577 views
tags:
corporate scroungers
,
nationalisation
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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/9f58934e-0b47-4a0d-9afe-be9934212915/692E15BC-4561-48C6-8813-47EA1272B2F4/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://online.barrons.com/article/SB121702627619886229.html?mod=googlenews_barrons" href="http://online.barrons.com/article/SB121702627619886229.html?mod=googlenews_barrons" style="font-size: 11px;">online.barrons.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://online.barrons.com/article/SB121702627619886229.html?mod=googlenews_barrons"><P class="verdana" origdisplay=""><B>LOWER THE FLAGS ALONG WALL STREET TO HALF-STAFF</B>. Play a dirge and hang out the crepe. Market capitalism is dead. Our financial system, for all intents and purposes, has been federalized, with taxpayer-financed "backstops" stretching as far the eye can see. Bear Stearns, <SPAN class="chartToolTip" id="ataglance_stock_DWC_label"> <A href="http://online.barrons.com/public/quotes/main.html?type=djn&symbol=FRe" class="verdana rolloverQuote">Freddie Mac</A></SPAN> (ticker: FRE), <SPAN class="chartToolTip" id="ataglance_stock_DWC_label"> <A href="http://online.barrons.com/public/quotes/main.html?type=djn&symbol=FNM" class="verdana rolloverQuote">Fannie Mae</A></SPAN> (FNM) and their mortgage-industry brothers-in-ARMs all are beneficiaries of this corporate-welfare scheme. Other reckless lenders with sob stories almost certainly will be added to the list.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://online.barrons.com/article/SB121702627619886229.html?mod=googlenews_barrons"><P class="verdana" origdisplay="">Wall Street -- the proud, powerful and symbolic American landmark that Osama bin Laden repeatedly has vowed to destroy -- used to be about the invisible hand, risks and rewards, and the late economist Joseph Schumpeter's "creative destruction."</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://online.barrons.com/article/SB121702627619886229.html?mod=googlenews_barrons">It was creative, alright. Now the incubator of financial innovation turns out to be part wax works, a place where dead companies are made to look life-like by the very visible hand of the government. </blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;"> </td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/692E15BC-4561-48C6-8813-47EA1272B2F4/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>
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