'The financial system needed and continues to need to be stabilized.'
No, the financial system is part of the problem, it needs to be abolished. Your yearning for financial stability is a plea to shore up capitalism.
When you write
'Letting these banks fail would be incredibly irresponsible.'
- that is the point of view of the capitalist class. Working people have no responsibility to saving the banks: this crisis is not one of their making. Their responsibility is to defend their living standards and conditions, something which they will not be able to do if they accept responsibility for stabilizing capitalism.
You worry that 'world-wide faith in the US Treasury as ultimate guarantor of private property would be shattered.'
World-wide faith in the system of private property is precisely what is holding us back from a more imaginative solution.
Of course you scoff
'To imagine that would bring about a socialist revolution is naive in my opinion.'
But that is a straw man. Every third rate ideologue ridicules the possibility of an alternative to the status quo.
And everyone understands that the banking problems are not going to bring about a socialist revolution. In the here and now, working people need to defend their interests, not those of private property or the banks.
You insist that
'Everyday working people are currently captive to the daily functions of financial capitalism through their bank accounts whether we like it or not.'
But it is our job to think about how people can be liberated from captivity to finance capitalism, not to make the bars stronger.
So when you write
'I'm really not sure why there is so much disbelief concerning this bailout from anyone other than the right.'
I say, defence of private property, insistence on a community of interest between working people and financial capitalism, rubbishing alternatives to capitalism, that is what the right is about, isn't it?
We certainly owe you a big debt of gratitude for drawing out the thoroughly reactionary meaning of support for the bailout. Thank you.