If someone wants to do leveraged buyouts, more power to them. If they want to have a brothel, let them run a brothel. But it doesn't mean that public policy -- or tax policy -- ought to be biased dramatically, so as to encourage one kind of business arrangement over another! And right now public policy and taxes and free money from the Fed are encouraging way too much debt, way too much speculation, and not enough productive real investment and growth.
Should we realistically be hopeful as to the likely outcome of the debate that surrounds these issues? Not especially. Nevertheless, the effort must be made to at least show as many people as possible how economic and financial sanity might prevail if enough citizens lean on their political representatives and newspaper editors. Will such an effort be successful? That remains to be seen.