The Mother Of All Management Buyouts

Martin Kelly writes from Scotland:

You`re dead right to describe the bailout as a coup – in fact, it`s worse than that; to all intents and purposes it`s a management buyout of the American financial and political systems.

And done with Other People`s Money!

I`ve been blogging about this since last Tuesday (to anyone who`s willing to listen) – there is absolutely no normative difference between the proposed operation of Paulson`s bailout and Gaetano Salvemini`s description of Mussolini`s economic theory as being that `profit is private and personal, loss is public and social`.