Australia's 'Free Market' for Billionaire Bailouts
The Guardian casually notes $3 billion in public funds are set to bail out Australia's biggest aluminium smelter, blaming “alarmingly ad-hoc” policy. What's truly alarming is the systematic nature of this 'ad-hoc' generosity. These are the same industries that preach fiscal conservatism and 'free markets' until their quarterly profits dip, then suddenly taxpayer cash becomes an 'essential
investment' to save jobs – never mind the record executive bonuses. One might wonder when these gargantuan corporations will be asked to shoulder their own market risks, or if the 'invisible hand' of capitalism only extends to small businesses. Or perhaps the 'invisible hand' is actually feeling around in the taxpayer's wallet. It's not a bailout; it's a wealth transfer, carefully disguised as an
emergency.