Snublede over den her vidunderlige kommentar på makrobloggen The Big Picture:
I have this image in my mind of an American cowboy: Rugged, independent, self-reliant. I picture him on a cattle drive, depending upon only his own wits, his horse, and his trusty Winchester to get by.
This vision of the American past is fast becoming a myth, rendered moot by the present day cowboys. The difference between the two — not the smell, which is surprisingly similar — is that the current cowboys have a different cavalry in their back pockets: Uncle Sam.
Indeed, as time goes on, we have become less independent, and more reliant upon the Federal Government — especially the Federal Reserve — for Bailouts.
I’ve been pondering this for some time now, and the longer I think about, the longer the list grows.
Consider the following:
- - Great Depression
- – Chrysler (1979)
- - Steel Industry (date ?)
- - National Flood Insurance
- - Savings and Loan Crisis (1980s)
- - Long-Term Capital Management (1998)
- - Farm Subsidies (run amuck)
- - Airlines (post 9/11)
- - Dot Com crash (2001)
- - Hurricaine Hugo, Andrew, Katrina, and other not-so natural disasters (1989, 1992, 2005)
- - Housing (2007)
- - Bear Stearns (2008)
- - Sub Prime (continuing)
What other bailouts have I missed?
There must be dozens. I am particularly interested in those situations where the profits were private, but the assumption of risk is public.
Og så var der også den her dejlige udtalelse i kommentarfeltet
how many welfare queens does it take to equal 1 Bear Stearns? 1 S&L Bailout? 1 Airline Bailout?
And, hey, at least the welfare queens are adding to the actual economy when they buy food and goods for themselves and their kids.