4 ms·

Good old socialism-for-the-rich.

• anigbrowl 17y ago
  This money is not being given to private companies, it will be used to purchase government bonds and/or guarantee existing debts of individual European countries.
  • jbooth 17y ago
    Debts which are overwhelmingly held by the wealthy. I mean, I don't see better options in the short term, either. It'd just be nice if we heard a little less about how infallible the markets are and how things like regulations are just "destroying value for no good reason" next time the economy's doing well.
    • anigbrowl 17y ago
      Well, I don't hold those views, but think markets have some limitations and that regulation is an important task in any economy - in fact I've taken a good amount of flak on HN for my support of the current reform bill winding its way through Congress. I take issue with chracterizing it as a bank bailout when it isn't, just because of simple inaccuracy. Nor do I think you can just say all debt is held by the wealthy. Government bonds are often held by other governments, pension funds, mutuals on behalf of their citizens/members. It's not as simple as a bunch of MBAs and tycoons lighting their cigars with banknotes.