I've only got a few minutes before walking the dog and getting ready for work, so I'll make this quick.
This $600 billion bailout of AIG and the financial industry is just the natural outcome of the Republican Reverse Robin Hood economic policy. It's the same stuff that we saw starting way back in the late '80's with the S&L bailout, when John McCain was one of the Keating Five, the corrupt and/or foolish senators who aided Keating in ripping off the American public. Since Reagan came into office the Republicans have been screaming, "deregulate, deregulate, privatize, privatize, free market," blah, blah. But when deregulation chickens come home to roost, it's "help! Bail us out! Quick! Don't stop to think about it, just give us all your money!" It's remarkably similar to the economic policies of the Republican administrations of the 'teens and '20's that so effectively set up the Great Depression.
It's funny how providing universal health insurance, which benefits everyone except the ultra-rich, is socialism, but giving 600 billion taxpayer dollars to reward greed, incompetence, and reckless speculation is just 'the free market at work.' The Republicans talk a great line about individual responsibility and fiscal responsibility, but their economic policies reward exactly the opposite, and ultimately rob the poor and the middle class to reward the richest of the rich. We have individuals in this country who control more wealth than the entire net worth of some small countries.
I don't mind socializing risk, if profit is socialized, too. Whatever works.
This system is not working.
I really hope that our legislators don't get into a big hurry to fix this and pass a bill before the election. My advice to them is, take your time. We don't need a financial version of the invasion of Iraq or PATRIOT Act.
The sad thing is, President Clinton, the one Democrat we've had since Carter, pushed the same reverse Robin Hood economic policy as the GOP. I just hope President Obama shows better sense, and models himself after someone like FDR instead.