Monday, September 29, 2008

Bailout Plan: More Bad Policy

So they've decided to buy out the bad paper from Wall Street. So not only is the government meddling with the economy -- lest its foot be dashed against a stone -- but it is telling Wall Street that in the future there is no chance of any serious failure.

Let the Bubbles continue.

Because fear of a bubble bursting is the only thing that keeps the market's puppy-like exuberance at bay.

Additionally, they've loaded this thing up with crap, continuing the same pressure to loan money to people who can't afford it in the name of political correctness.

And none of the politicians will accept the responsibility, not even for Washington generally. They're happy to point at each other, but no one stands up and admits to the unintended consequences of his acts of good intentions.

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1 comment:

KnightErrant said...

They did worse than buying up the crap. They decided to just let the crap stay there and slowly rot.

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