It looks as if the Gov'mint is finally gonna let free enterprise rule!
"..... this is the weekend that the Treasury and the Federal Reserve decided to stop bailing everyone out. Secretary Paulson has been hinting for weeks now that we have to let capitalism work the way God intended it to. Which means: if you screw up, you die.
This is what we free-market conservatives have been saying we wanted all along, folks. We'll be getting a chance to eat our own dog food. On balance, I have to say it's a good thing... I hope.
We are now going to see the unwinding of the 158-year-old broker-dealer Lehman Brothers. The regulators are going to try this another way, and they decided to let Lehman die without the benefit of an overt and specific public bailout, as had been the case with Bear Stearns and Fannie Mae/Freddie Mac. ..."
The fallout will be mighty for those affected - but the lesson might be worth the pain. But I sure hope that either the folks with the ropes or the Feds hint to CEO Fulds that perhaps his $22M bonus this year was a little premature. Apparently he turned down a $4 Billion buyout offer just recently, demanding $6B. Now the stock is fireplace starters...
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