Tuesday, September 30, 2008

Quote of the Day

There is no need for an emergency bailout plan. The problem, created by government trying to make a big decision for everyone, cannot be solved by government making another bad big decision for everyone -- particularly since it's the same bad decision. Let capitalism work, and smart people will make the smartest decisions they can, with their own money on the line.

From the Financial Post:(w/t MM)

But it would be unwise to read too much into the Dow plunge, or to link it exclusively to the political circus in Washington. Stocks appeared to be heading lower no matter how Congress voted. Indeed, from the moment congressional leaders announced Sunday they had a deal, filled with anti-market schemes and regulation, stock prices began falling in Asia and Europe. Early yesterday, when it was expected the bailout would be approved, the Dow was down 500 points.

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