Peter Schiff Opposes the Big Three Bailout
"The government has no money...."
CARPE DIEM
Professor Mark J. Perry's Blog for Economics and Finance
Saturday, November 22, 2008
About Me
- Name: Mark J. Perry
- Location: Washington, D.C., United States
Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan. Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
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8 Comments:
CitiGroup already received $25Bln from the first round of TARP injections. As of the close of trading yesterday, the market cap of the entire company was $20.54Bln.
Somehow covering up insolvency looks like a money losing trade. Of course the government does have Helicopter Ben's printing press.
Got gold? Get more!
The loss of one of the big three is GOOD news for the remaining players, but you can't prop one up without leaving the other two in extreme jeopardy. Why does government not understand that IT cannot run, support, or partner with business without seriously hurting the businesses that it doesn't run, support or partner with.
The democrat perpetrators are trying hard to lay the blame for the current economic mess on the republicans and on capitalism and deregulation. Wish the segment had a progression in which Mr. Schiff could explain in point form what happened that brought us here.
We have some very sharp folks commenting on this site...
Isn't it possible that the outfits getting extorted dollars from the federal government are considered by regular stock and bond holders to be a VERY BAD risk?
If one of these outfits getting federal money regardless of whether its a loan, a bailout, or (my favorite term) a bridge from Uncle Sam means all the other stock and bond holders NOW stand in line behind Uncle Sam for any leftover assets if the outfit goes under, right?
It really amazes me how people try to label Peter Schiff and other free market advocates as heartless.
The heartless people among us are those who advocate force and theft against everyone in order to support failed businesses.
Why does government not understand that IT cannot run, support, or partner with business without seriously hurting the businesses that it doesn't run, support or partner with.
It will not as business will not stop interfering with government.
Businesses need to know that they are not The Almighty And Unquestionable.
The democrat ... are trying hard to lay the blame for the current economic mess on the republicans and on capitalism and deregulation.
The nice thing is that it will work.
It really amazes me how people try to label Peter Schiff and other free market advocates as heartless.
Well, it is because they are heartless.
Bail out Detroit the same way Wall Street got bailed out, without questions or limits.
"Why does government not understand that IT cannot run, support, or partner with business without seriously hurting the businesses that it doesn't run, support or partner with."
Arman,
Well said. I don't agree with alot of your statements but this one is dead on.
@sethstorm,
Governments need to know that they are not The Almighty And Unquestionable.
FTFY.
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