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When the headlines read like a gangster filmIt's time for people to take their
freedom back
Yep, I am trying to clean out my stack.
I wanted to point out that I wasn't the only one who make the connection between the FedGov's behavior and gangster films. Since October, the government has invested $52 billion in Citi, while agreeing to eat up to $249 billion in losses on the bank's toxic real estate portfolio. And so it's really hard to say no when those Washington "investors" call for a favor. In the 1990 Martin Scorsese movie, a restaurant owner realizes too late that a partner big enough to protect him is big enough to take everything he has. As Ray Liotta narrates, "Now he's got Paulie as a partner. Any problems, he goes to Paulie. Trouble with a bill, to Paulie . . . But now he has to pay Paulie." The problem with Citi's capitulation is that it means that not just Citi will have to pay the Beltway outfit if the bill passes. Other banks, borrowers and taxpayers will also suffer. In fact, this deal is looking more and more like a case of Citi colluding with its new political owners in order to force competing banks to break contracts and take more losses. This kind of politicized banking is precisely why the Bank of the United States was shut down in the 19th century. It's that thing about government actions affecting marginal behavior. If because of government backing, GM can afford to offer zero percent interest loans to customers, what is Toyota going to do? Well they have to go see the government too. And the government would only be too happy to arrange financing in exchange for a few minor trifles, nothing that matters of course, nothing that will stop Toyota from making profits. No just little things, like a UAW contract. And maybe Toyota could reopen some of those closed auto plants in Detroit, which of course are now worth something, so Toyota will have to pay top dollar… Yep, welcome to the command economy. It's an offer you can't refuse. Unless you value your freedom. 
Posted: Thu - January 15, 2009 at 07:31 AM
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 Pagan Vigil
Pagan philosopher, libertarian, and part-time trouble maker, NeoWayland watches for threats to individual freedom or personal responsiblity. There's more to life than just black and white, using only extremes just increases the problems.  My Thinking Blogger Nominees
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