Friday, January 30, 2009

I Couldn't Have Put it Better Myself

“Citibank, the nation’s largest bank, has received a $20 billion bailout, along with government guarantees for $300 billion of shaky assets; in addition to giving the bank an enormous amount of money, the public assumes all of the risks of being a banker, while Citibank gets to keep all the profits. That is to say, the profits are privatized, but the risks are socialized, combining the worst features of capitalism and socialism in a toxic combination."

John Medaille

If you enjoyed this post, get free updates by email or RSS.

No comments: