In Aristotle's Nicomachean Ethics, he argues that eudaimonia is the ultimate goal in life. Eudaimonia roughly translates to happiness or human flourishing. One of the ways in which eudaimonia is achieved is by exercising the mind. This blog is intended to help all of us reach eudaimonia through political discourse. This cannot be possible without YOU the reader, and YOU the respondent. Hence, youdaimonia.
A better solution would have been to attach conditions to the 700 billion that is going to wall street. The purpose of the bill was to thaw the credit markets, but it turns out that banks aren't using the money to lend.
We should have used the legislation that England passed as a template. Their bailout also directly injects capital into the banks in exchange for preferred stock. This essentially means that tax payers are partial owners of the banks. The idea is that when the economy recovers, the tax payer will see the upside. Of course, this only works if banks are REQUIRED to lend. In England they are, in the U.S. they aren't.
2 comments:
Interesting... I wonder if the bailout is the best they could do. Seems like there could have been a better solution, I just don't know what it is.
A better solution would have been to attach conditions to the 700 billion that is going to wall street. The purpose of the bill was to thaw the credit markets, but it turns out that banks aren't using the money to lend.
We should have used the legislation that England passed as a template. Their bailout also directly injects capital into the banks in exchange for preferred stock. This essentially means that tax payers are partial owners of the banks. The idea is that when the economy recovers, the tax payer will see the upside. Of course, this only works if banks are REQUIRED to lend. In England they are, in the U.S. they aren't.
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