My grandfather was an old-fashioned socialist and an active member of the Social Democratic Workers' Party for most of his life. After he died in 1976, the family found a note "I wish my grandchildren will live in a peaceful world where wealth will be distributed more evenly". He was cremated so he can't turn in his grave but I am quite sure he would have if he would have known about the current financial market meltdown.
The most ridiculous action so far is the current US government's US$ 700 billion bailout plan. The Treasury's plan, the most sweeping federal intervention in the financial markets since the Great Depression, calls for the government to buy from firms up to $700 billion in troubled assets - mainly mortgage-backed securities - whose values have declined as the housing market imploded. The goal is to stabilize the companies and prompt them to lend again.
This is basically paying out a bonus to failed companies and managers. It is rewarding the greed, mis-management, thievery and extreme capitalism of the Wall Street bankers. These people should be in prison and not in their villa in the Bahamas.It is a shame that the US government even dares to present such a plan. As always, the little people will be suffering: higher inflation, higher taxes, they will still be kicked out of their homes when they can't afford a mortgage - while the top earners will be getting their fat bonus checks.
If the US government wants to save the economy, they'd better subsidize the little people who can no longer afford their mortgage payments.
In the mean time, we all better fasten our seat belts as the crisis is far from over, the levels of public and private debt in the US are unsustainable, the credit card crisis hasn't even begun yet and there are rumours that the Chinese will soon say "enough is enough" and dump massive amounts of US paper on the market.