I hate to dredge up bad memories so early in a new year, but we need to remind ourselves of the awful TARP bailout of 2008.
Our financial system had gone out of whack because of bad monetary policy from the Federal Reserve and unsustainable housing subsidies from Fannie Mae and Freddie Mac.
Some financial institutions gambled on thegovernment’s misguided policies and got caught with their pants down when the bubble burst.
But rather than let those companies fail and use the sensible and non-corrupt “FDIC resolution” method to recapitalize the banking system, we got a taxpayer-to-Wall-Street bailout.
Well, as Yogi Berra might say, it’s deja vu all over again.
Except now the fat cats lining up at the Treasury door are the big health insurance corporate titans. They got in bed with the White House to push Obamacare and now they’re worried about losing money now that it’s becoming more apparent that the American version of government-run healthcare doesn’t work any better than the British version.