[ExI] Protected Elites

[Lee Corbin]

Dan wrote:

 > For example, in the US, laws that prevent corporate takeovers
 > and the like shield management from the consequences of its
 > incompetence.  The recent wave of subsidies to bigs banks and
 > large corporations likewise prevent the market from taking
 > down inefficience firms.  The problem seems to me NOT that
 > Wall Street needs some governmental authority to step in to
 > prevent cheating, but that we need the government to stop
 > bailing out or otherwise shielding Wall Street insiders
 > from competition and from their mistakes.

Yes, indeed. You may also be interested in the (not very libertarian,
but rather informative)

http://www.theatlantic.com/doc/200905/imf-advice

"The Quiet Coup", by Simon Johnson.  When we've created this
awful mess by not following sound banking principles, who
knows what is the best way to get off the pike that's
disemboweling us? Maybe the government should buy up all
the rot for the time being, sell what's good back to
private enterprise, and add the balance to the trillions
and trillions of national debt that doesn't seem to
matter to anyone.

(Now who were the people in the very first place who were
from day one opposed to a balanced budget amendment?)

Lee