Let ’em sink!
Thursday September 25th 2008, 4:47 pm

The King George plan: Privatise the profit, socialise the debt.

image: TAB, The Calgary Post

If you or I flushed our money down the toilet, would the King be so generous?

Let ’em sink!


5 Comments so far
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that cartoon is GOLD.

unfortunatley it’s not that simple, collapse of several large financial institutes could cause a huge run on the banks and stock market creating a major depression. However, I agree that just bailing out “the big end of town” is not the complete answer.

What about the 1,000s of people who are losing their homes because they can’t afford their mortgage? Don’t see the government bailing them out do we?

What happens when this short term crisis is over and all the financial institutes are profitable again? Do they pay the government (taxpayers) back? I guess all the CEOs will still walk away with huge pay packets and bonuses?

Comment by OzAtheist 09.26.08 @ 10:24 am

Oz, the only way King Shrubya’s bailout makes any sense at all is if the govt is dealt in as a partner and gets a share of the profits and has as much board influence as any other big investor. The losers should be put in effective administratorship and piloted out of the river of shit they got themselves into.

When the companies recover, they should be able to buy the govt’s share back… at a profit to the govt. The bankers gave away their dough, we should not be replacing it for them at no cost or penalty.

There’s talk of capping the pay of the CEOs of these outfits, but I suspect it’s just that.

Comment by weez 09.26.08 @ 1:19 pm

We live in interesting times.

Comment by rainie 09.29.08 @ 12:53 pm

Curious comment when so much US debt is financed by China, rainie. 😉

Comment by weez 09.29.08 @ 12:58 pm

Regarding the (tens and eventually hundreds of) thousands of people being evicted from their homes…

‘Refusing to be put out of their home’
Socialist Worker (US)
September 30, 2008

RECENTLY, FRANCES Louis and her husband, parents and three children were going to be evicted from their home in Mattapan, a neighborhood in Boston, by a mortgage company owned by none other than Bear Stearns–the failed investment bank that was recently saved by a government bailout and sale to JPMorgan Chase.

However, the Louis family fought back and organized an eviction blockade with the neighborhood organization City Life/Vida Urbana (CLVU) on September 22. Over 45 people came out to picket outside of–and literally block–the entrance to the Louis home. The blockade was deemed victorious at 10 a.m., an hour after the eviction was to take place, and word from the constable for the bank was that he had not received notice to evict the family that morning.

By leafleting and canvassing target neighborhoods for foreclosure, CLVU has been able to work with families to prevent evictions. In the past year, this kind of organizing has prevented at least three other evictions…

Comment by @ndy 10.02.08 @ 6:28 pm

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