Jim Henley is livid:
This loathsome bailout plan is a slap in the face to anyone who believes in either free-market principles or social justice. William Greider calls it “a historic swindle.” Paul Krugman says, “No Deal.” Radley Balko decries it. Arnold Kling says, dueting with Luigi Zingales (pdf), “the government officials making these decisions are seeing things from the perspective of Wall Street, which is kind of like seeing the auto industry from a Detroit viewpoint or seeing the movie industry from a Hollywood viewpoint or seeing elections from a Washington viewpoint.” [...]
If libertarians fail to oppose this bailout, they stand revealed as the hypocritical apologists for corporate power their detractors have always accused them of being.
If Democratic leaders fail to oppose this bailout, they will prove to be the phonies and weaklings of stereotype. If managerialists go along with it, then every argument against the State as guardian of the general welfare will bear out. Right now a corrupt and spent corporate class is on the brink of getting a corrupt and spent governing class to perpetuate its privilege by almost dumbfoundingly transparent means. Anyone with a soul needs to oppose them.
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