Tuesday , November 5 2024
Home / Mike Norman Economics / $6 Trillion ‘rescue package,’ unaffordable bailouts and buybacks: Bend over, here it comes again!

$6 Trillion ‘rescue package,’ unaffordable bailouts and buybacks: Bend over, here it comes again!

Summary:
Mitchell Feierstein has always come across as a bit of a libertarian to me, but here he says that in real capitalism some worker's rights and protection, and a social safety net are necessary. I still think I prefer the Scandinavian model, none the less.All those free market entrepreneurs who shouted that private was best - neoliberalism - and now running to the government begging for bail-outs. Now they want benefits and welfare to help them out during the hard times, and yet they always avoided paying their fair share taxes. We don't have a nice word for poor people who do things like that.Multi-billionaire Richard Branson owns the majority of shares in Virgin Atlantic airlines, an airline which will likely seek a £7.5 billion government bailout. Had Branson deployed capital to

Topics:
Mike Norman considers the following as important:

This could be interesting, too:

Jodi Beggs writes Economists Do It With Models 1970-01-01 00:00:00

Mike Norman writes 24 per cent annual interest on time deposits: St Petersburg Travel Notes, installment three — Gilbert Doctorow

Lars Pålsson Syll writes Daniel Waldenströms rappakalja om ojämlikheten

Merijn T. Knibbe writes ´Fryslan boppe´. An in-depth inspirational analysis of work rewarded with the 2024 Riksbank prize in economic sciences.

Mitchell Feierstein has always come across as a bit of a libertarian to me, but here he says that in real capitalism some worker's rights and protection, and a social safety net are necessary. I still think I prefer the Scandinavian model, none the less.

All those free market entrepreneurs who shouted that private was best - neoliberalism - and now running to the government begging for bail-outs. Now they want benefits and welfare to help them out during the hard times, and yet they always avoided paying their fair share taxes. We don't have a nice word for poor people who do things like that.

Multi-billionaire Richard Branson owns the majority of shares in Virgin Atlantic airlines, an airline which will likely seek a £7.5 billion government bailout. Had Branson deployed capital to strengthen Virgin Atlantic’s balance sheet rather than using leverage to purchase Flybe, which has since gone bankrupt, perhaps a bailout of Virgin Atlantic would not be necessary. Why shouldn’t Branson use the excessive compensation he took from his company to bail out his company?



$6 Trillion ‘rescue package,’ unaffordable bailouts and buybacks: Bend over, here it comes again!

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

Leave a Reply

Your email address will not be published. Required fields are marked *