A TAIL OF TWO BAILOUTS

Check out this op-ed from capitalism's bible, the Wall Street Journal. The following quote tells us what the article is about:

... So for the moment, Goldman Sachs -- or should we say Goldie Mac? -- enjoys the best of both worlds: outsize profits for its traders and shareholders and a taxpayer backstop should anything go wrong.

We like profits as much as the next capitalist. But when those profits are supported by government guarantees or insured deposits, taxpayers have a special interest in how the companies conduct their business.

Incredibly, at the end of the article the WSJ calls for more regulation and even an "FDIC-style bailout tax." More taxes for the "too big to fail" group and more regulation? I like it.

Could it be that the WSJ is finally starting to see the light? I doubt it. But if capitalism's bible is going to produce more articles like this one in the future we might be able to turn the corner.

- Mark