Saturday, October 4, 2008

Jim HIghtower, Channeling Molly

Jim Hightower, it seems, was Molly Ivins' best friend, which adds considerable weight to his views, in the opinion of the Voice.

Here's his take on the bailout.

The Voice continues to be conflicted over this conundrum. The mind is influenced by Tom Friedman's observation that the guy I hate and I will both drown if we are caught occupying the same sinking boat.

But Jim Hightower, Robert Reich, David Sirota, Bernie Sanders and others influence the heart to feel contempt for the malfeasance of wealthy financiers who enjoyed their privatized profits, but now want to socialize their losses.

It seems that holding one's nose and supporting the bailout is needed to save the credit system from complete freeze up. Such a freeze up would end auto loans, mortgages, business financing of needed inventory and Accounts Receivable, and virtually all healthy expansion of the marketplace. Business would have to be conducted on a cash basis, not the accrual basis which is characteristic of most businesses today.

"Neither a lender nor a borrower be" is so last epoch. Such a policy would, if adopted widely, effectively shut down the marketplace as we know it and depend on it. We would all be back to running and buying from roadside stands for our lemonade and apples.

Extreme Conservatives might love it in the abstract, until they couldn't, in fact, find what they needed available in the marketplace.

Now where did I leave my clothes pin?

Leanderthal, Lighthouse Keeper

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