My man Dave Brooks at NYT wrote a prescient if satirical piece about the dangers of nationalization and the growth of state power in this era of the Bailout. Now, I'm hardly a corporate apologist, but I think it's necessary to balance the prevailing wisdom.

"Rich people used to set their own norms. For example, if one rich
person wanted to use the company helicopter to aerate the ponds on his
properties, and the other rich people on his board of directors thought
this a sensible thing to do, then he could go ahead and do it without
any serious repercussions.

But now, after the TARP, the auto
bailout, the stimulus package, the Fed rescue packages and various
other federal interventions, rich people no longer get to set their own
rules. Now lifestyle standards for the privileged class are set by
people who live in Ward Three.

For those who don’t know, Ward
Three is a section of Northwest Washington, D.C., where many Democratic
staffers, regulators, journalists, lawyers, Obama aides and senior
civil servants live. Thanks to recent and coming bailouts and
interventions, the people in Ward Three run the banks and many major lend each other their limousines and at what
golf resorts corporate learning retreats can be held."