No Bailouts, Let Losers Fail

joelx.com

24 points·silexia··5 comments

The system is to blame. And the system is made by the rich. It's hard to find a politician who can't be bought.

Democratic left is about to drop the politician whos campaign was explicitly built on small donations and choose instead a politician with a more standard views, including using corporate money. For some reason people learn slowly.

Simplification, yes. The point stands however.

The idle rich and politicians should be going bankrupt right now and smart investors and good managers should be buying their companies and assets out of bankruptcy. Instead, those at the bottom struggle to survive while the fat at the top steal from the rest of us.

What does the first sentence have to do with the second sentence?

If one bunch of fat cats at the top buy the failing businesses of another bunch of fat cats at the top, I can't see how this will help the "rest of us" who've suddenly lost jobs / income etc because of a virus.

That's easy. Fat cats aren't supposed to be able to buy all failing assets of other fat cats at the time like this. Ergo, the assets are redistributed to leaner and smarter folks.

A good post, and I am surprised that somebody of Gross' insight has just now become aware of the elephant in the room, considering the signs of "corporate socialism" have been written all over the wall since the 1980s financial crises. Here is a piece by Slate sounding more or less the same tone.

https://slate.com/news-and-politics/2020/03/coronavirus-tsa-...

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