Word: bailouts
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...former Chairman and CEO of NASD, which regulates the securities industry, Glauber said the bailout would “unfreeze the system” by having the government buy the “toxic” securities, thus restoring liquidity to the market...
Bill Perkins is one angry taxpayer. He's also a Houston-based venture capitalist who says he made a quick $1.25 million betting on stock market reaction to the government's proposed $700 billion Wall Street bailout. He's using the money to fund a series of full-page cartoons in the New York Times - the fourth runs Oct. 3 - that rail against the bailout and peg President Bush, Henry Paulson and Ben Bernanke as communists. Perkins, 39, talked to TIME about why he's mad and why he's still going to vote for bailout supporter Barack Obama...
...decide to spend $139,000 a piece on these ads? Did you feel guilty that you had made money betting on the bailout? I just felt like it was totally unfair that millions and millions of people were going to be on the hook for enriching people like me. I felt guilt and outrage and disgust all at the same time...
...What do you think would be the consequences if the government didn't do the bailout? The consequences are the same whether we do the bailout or not. The difference is who pays for it. We're having a contraction from deflation of an asset bubble that was overpriced. We're just going through that cycle. With the bailout, you delay it, make it bigger and put it on your children. It's essentially delaying pain. Without the bailout, this generation pays for it and we know what the bill is. That money's not coming back...
...looks like the bailout's going to happen, so did you fail? I read a quote somewhere that was like, 'Freedom fighters don't always win, but they're always right.' You can't always win, but they'll be consequences for the people that voted for and pushed for this...