Since the government caused the problem, it is a bit on them to help fix the problem.https://twitter.com/giantevilrobotg/status/1242146464115163137 …
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It's not necessarily a problem. People object to the buybacks (for example) but the net effect is that investors take the cash and invest it elsewhere. That is not bad.
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I used to feel that way, but changed my mind (somewhat) when I found out that bail-outs are generally short-term loans that the government generally makes money on, and not just free cash gifts.
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People are surprisingly opaque on that point. You can still certainly make the case that having access to those emergency loans is an unfair advantage of big business over small business. But there's value to avoiding disruption of service too. It's a trade-off.
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There wouldn't be any difference with public ownership...there'd still be a huge transfer of funds needed to keep these institutions around.
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There are no government bailouts in the Senate bill. There's a credit facility (loans) that mandates corporates to keep their workforce in order to have access to it; restrictions on executive pay; etc. They'll have to pay them back. This is absolutely essential.
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Without providing liquidity to companies, the unemployment rate will almost surely go over 20%, which might hit 30%. It'd take decades to recover from a supply shock of that dimension. And it'll mostly be workers that will suffer.
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... they're not bailouts. The government is inflicting restrictions on private business due to an emergency. This isn't the case of companies failing of their own mistakes.
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What would socialists do instead? All big services would be state owned concerns. Would they lay off all the comrades and shut the services down? Or effectively bailout (internally transfer funds to) the various concerns?
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