A Lesson about Crony Capitalism for the OWS Crowd

Unless you identify your economic enemy correctly, you cannot succeed in defeating him.  The typical Occupy Wall Street sap, the radical left's modern incarnation of the useful idiot, thinks his enemy is an evil Wall Street billionaire. But Wall Street banking firms did not survive the financial collapse of 2008 -- virtually unscathed -- by bailing themselves out. With only one major exception (Lehman Brothers), incompetently managed banks were not forced into bankruptcy by the government.   Bondholders and shareholders were not told to pick up their crumbs, suffer debilitating losses, and learn their lesson for the next time. No, the government, the same irresistible and evil force that OWS now wants to manage our entire economy, decided instead to bail out the banks. Taxes paid by the occupiers, or more likely their parents, were looted to accomplish this. The government chose to double down on moral hazard. Goldman Sachs, GE, AIG, and their ilk were unjustly saved...(Read Full Article)

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