Sun Says Financial Meltdown Proves The System Works
Burnt schoolkids don't affect his travel plans, but today Mayor Bloomberg cancelled a west coast trip to be close to Financial Ground Zero, says the New York Sun. With Lehman Brothers going bankrupt, AIG in freefall, and Bank of America buying out Merrill Lynch, it looks to be a lively Monday on Wall Street.
Hundreds, maybe thousands of locals will lose their jobs over this. What's the Sun's editorial take? "This is a lesson to remember the next time the left denounces the gap between rich and poor in America..."
Apparently Lehman head Richard Fuld is going to lose a lot of money, and end up rich instead of one of the "so-called mega-rich." "The thing to treasure," says the Sun, "is a system that enables people to dare, to take great risks, to reap great rewards, and to maximize what economists like to call their own human capital."
The other New York papers haven't stepped up to the editorial plate on this one yet, but they're unlikely to meet the Sun's benchmark.
Maybe the Sun doesn't expect a white knight to ride to its rescue, either, and has elected to go out hardcore.
Image by World Economic Forum (cc)