It’s been awhile since I’ve posted.  Sorry for the absence.  I’m sure you’ve all been informed of the debate about a proposed $700 billion dollar bailout, and so I’ll go right into a quick comment.

I am absolutely opposed to this bailout.  The controversy has been expressed as “main street versus wall street,” when in a different country they would be allowed to refer to ‘class struggle’.  Essentially, this is a clear case of class conflict, where immoral actions were taken by capitalists to make money in unsustainable ways, and citizens are called upon to bail them out.  The argument goes that the allowance of these institutions to fail would collapse our economy.  I argue that ‘socialism for the rich’ is wrong, and a ‘socialism for the poor’ is superior.  Here is what I would do:

(1) Recognize that the collapse of these institutions would tend to cause economic damage, and correspondingly create jobs, insurance policies, state subsidized housing, and welfare benefits for individuals through the state, to prevent losses in the private sector from spilling onto innocent people.

(2) Allow these banks and insurance companies to collapse, and purchase them in their entirety, restaffing them and using them as engines of the state to gain democratic control of the economy.

These solutions would prevent us from needing to increase our international debt, and would more importantly protect citizens from being punished for the crimes of the capitalists.  Any comments?