In reading another excellent student paper, it strikes me that FDR's "Four Freedoms" speech has had its own residual effects that we see manifest in the current crisis. If we're really serious about "freedom from fear" and "freedom from want," why shouldn't that apply to the corporate world as well? After all, what is a bailout or various government guarantees if not ways to make the corporate world "free" from "fear and want?" Why stop with applying such notions of supposed security to individuals when you can apply them to firms too?
One of the most troubling parts of the multi-trillion dollar debacle is that it seems to be setting a precedent for trying to create an economy, if not a world, where nothing bad ever happens to anyone (recall my post on "Parenting and Entrepreneurship"). The Nanny State is even worse when it adopts really bad approaches to parenting!