Friday, September 14, 2012

If you are going to borrow money to get out of a hole, then don't use it to buy a bigger shovel

The way capitalism is supposed to work, if you buy unsecured financial instruments, and they cannot be paid back, you lose your money. If these instruments are "insured" by swaps that are not backed-up, then the insurance is due and the insurer must pay or be liquidated.

It is not just the banks that are violating capitalism, the fossil-fuel industry is violating the principal of paying the costs that lead to profit. For many years profits have been made from the autosprawl system, but most of the costs have been deferred to the future or passed to the taxpayer.

Make public transit fare-free and stop subsidizing the private auto.

There is still time.

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