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Let Them Eat Stocks
November 21, 2008 9:16 AM
By Jim Sciutto, Senior Foreign Correspondent, ABC News London
In what has to qualify as supreme optimism or just bad timing, the Egyptian government has announced with fanfare a bold plan to offer shares in state companies to all its citizens. Officials chose a day when world markets fell to new lows to make the announcement. One said every family will get "a respectable amount" of shares.
For solace, Egyptians I suppose can look to American taxpayers who are now effectively part owners of several U.S. banks. And granted, the idea is part of a long-term privatization plan here that's had some success. But as a solution to the country's rampant poverty,I haven't found any Egyptians who are particularly excited about their new windfall.
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November 21, 2008 in Jim Sciutto | Permalink | User Comments (2)
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Why won't America do something like this? Since we, the taxpayers, are bailing out all these banks and car makers, why don't we all get part ownership privileges? Every tax paying American should get stock options from the company. Kinda like how the Green Bay Packers are owned by the people and not any one owner. And we all have a say in what happens.
Posted by: Independent Fighter | Nov 21, 2008 10:28:55 AM
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Betty
Posted by: Betty | Dec 19, 2008 12:58:40 AM
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