Giving Bear Stearns Bank a bailout was vital – otherwise the financial system and the thing that unkind people call the “credit/money bubble”, would have collapsed.
Bailing out Fannie Mae and Freddie Mac was also vital – otherwise the financial system would have collapsed. Senator Dodd and and Senator Obama were not paid a fortune by Fannie and Freddie for nothing.
And bailing out AIG was vital to – otherwise, again, the financial system would have collapsed.
And now all the “bad housing debt” of all the financial services companies must be taken up by the government – otherwise the financial system will collapse.
And Paul Marks must be bailed out too. After all once one has spent a trillion Dollars, more Dollars than there are stars in the sky or cells in your hands, what is a few Dollars more? His judgements were no worse than that of the bankers and other such. In fact they were better – after all he did not take on a lot of housing loans without even knowing who the money had been loaned to or which people had a chance of paying the money back.
And Paul Marks did not play complex games with the housing loans – treating a debt as an “asset” (“normal banking practice” of course) on which a vast castle-in-the-air could be built. The endless “lower interest rates” by the Federal Reserve system and the Bank of England, i.e. the endless flow of new credit/money that created the mad lending and manipulation in the first place, are not enough. Paul Marks must have a proper bailout – and he must have it now. If Paul Marks does not have a bailout I can assure you that the credit bubble financial system will come to grief.
Of course a “bitter and cynical” person would say that the credit bubble financial system will come to grief even if Paul Marks gets his bail out.
But that did not stop all the other bailouts. Each bailout was supposed to “save the financial system” and clearly did not, but that did not stop all the other bailouts.
Now everyone is going to get a bailout, so Paul Marks must have one too!