“Sorry, zombie banks. The laws of the market dictate that we should own your ass,” write some socialist at motherjones.com.
Laws of the market??? The laws of the market would cause the value of the banks to plunge until it’s worthwhile for some businessmen who’d been saving responsibly to take over. Here’s a hint: if it’s not worth it for private money, it’s not worth it for public money. And if such a value doesn’t exist, then the world doesn’t want any more banks, and they’ll simply vanish.
The market NEVER NEVER NEVER EVER recommends a public take over. The government can’t even run the post office well. Now they’re going to take over the banks?
If private investors (spending their own money) can’t make something work privately, then it’s a guarantee a bunch of political bureaucrats (spending my money) can’t do it either.
This is an affront to liberty. The best thing would have been to let them go bankrupt. In a free society, incompetent companies go bankrupt. Instead, we’ve taken money from the competent, given it to the incompetent, and courageous-sounding article like this one pretend that we’ve stuck it to the man. (They still got the money.)