Loot by Any Other Name

The Fed is bailing out Bear Stearns.

Blind Donkey: why are they giving to filthy rich Wall Street cats when ordinary street cats don’t get anything?

Blind Elephant: We want to avoid the consequences of their poor choices


Mr. Donkey, uh, I got two pieces of news for you.  The federal government gives out free money to poor people, old people, young people, sick people, people of disadvantageousness…  It’s just not true that the government doesn’t give out handouts to poor street cats!

In fact, that’s my second point.  The problem with this handout to Bear Stearns is not that poor people don’t get lots of loot!  The problem is the looting itself!

Mr. Elephant, uh, I got news for you too.  The people who run large corporations are smart and pragmatic.  They actually react to changing government policies by changing their strategies.  Do you really want them to take bigger and bigger risks because, what the hell, if the dice come up snakle eyes the Fed will bail them out??

And the both of you need to start realizing that you’re taking my money by force, because you feel that you’re morally entitled to spend it and I’m not.  That isn’t true even when you make “good” decisions, but this is ridiculous.  Let the investors pay for this blunder and then CEOs will be more risk-averse in the future.

Sheesh, you’d think this one would be clear and obvious!

I put this under blind elephants and donkeys because neither side makes a legitemate argument.  Even the side that’s right (the donks in this case) aren’t right for the right reasons, and in fact, are just using this to grind a very wrong ax.


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