Who pays for bail-out?

RE: “Carney calls for Regulator”, the Lethbridge Herald, May 7 – Page B1
 (Carney is the Governor of the Bank of Canada)
 
 The irony of the current recession is that the most die-hard free marketers had to resort to
 drastic government interventions to save capitalism.  George W. Bush had to nationalize banks
 (Freddie Mac and Fanny Mae); Stephen Harper is touting the Canadian banking system as the
 most sound because it is well “regulated”.  Greed turned out to be self-destructive.  And those
 advocates of laissez-faire capitalism are the ones who, against their principles, spent a thus- far-
 unheard-of amount of our tax money to  save it.
 
 In London in March, G20 agreed to pour trillions of dollars into the world’s economy to avoid
 a total disaster.  I’m not an economist, but even I know that money does not grow on a tree.
 Money has to come from somewhere on earth, and it’s  the governments who had to go into a
 huge debt to eke out that money. That means: it is us who have to pay back that debt in taxes.  I
 also heard central bankers talking about “printing money”.  Print money?   It means inflation in
 my dictionary.   It means money will be cheaper, and  my hard won savings will buy less.  I
 don’t want to go there.  If we are paying for it in taxes, we should have more say in how the
 money is going to be spent.  We have to stop our tax money going to the same-old greedy
 people who failed the system and yet are still determined to do the same-old capitalist thing all
 over again. 
 
  We must insist on our rights to have a say on money matters of the government.  The
 governments now own chunks of important industries like car makers, through what
 euphemistically called “bail-out”.   Which is welfare hand-out for the rich in my book.
 Reputation of the advocates of unregulated free market is in the mud, and the idea of
 government intervention came back in.  Obama fired the CEO of the GM, for goodness sakes. 
 If this is not socialism, I don’t know what is.  But socialism didn’t do it.  Capitalism created the
 whole mess.    Let us not give greedy rascals a free hand again.  Let us not be dismissed by
 those people who used to tell us, “Oh, it’s complicated.”  Tell them, “It’s my money!  No more
 ABCP!”

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