Financial institutions are not being bailed out as a favor to them or their stockholders. In fact, stockholders … - Thomas Sowell

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Knowing your own darkness is the best method for dealing with the darknesses of other people.

Thomas Sowell

Financial institutions are not being bailed out as a favor to them or their stockholders. In fact, stockholders have come out worse off after some bailouts. The real point is to avoid a major contraction of credit that could cause major downturns in output and employment, ruining millions of people, far beyond the financial institutions involved. If it was just a question of the financial institutions themselves, they could be left to sink or swim. But it is not.

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