Oct 15 2008
Spending Other People’s Money
Will U.S. Taxpayers Need A Bailout?, Declan McCullagh Says Plan To Partially Nationalize U.S. Banks Has Many Potential Perils – CBS News
The almost-nationalization will happen even if, as the Wall Street Journal
delicately put it it, bank executives and shareholders are “unhappy” and oppose the idea.This invites micromanaging from Washington, D.C. Members of Congress will have a strong incentive to demand preferential treatment for borrowers in their home districts or among politically-favored constituencies. Politicians who are members of the committees overseeing the Treasury Department’s budget will enjoy outsize influence. So will Treasury and other regulators that banks must please to stay in business.
A new column at CBSNews.com called Other People’s Money, of which this is the first installment, just got added to my reading list.
Looks like it will be informative to those who want to see the government spending less money, rather than more.
