Representative Barney Frank (D, Mass.) says of the on-going financial crisis,
I think we have to recognize the reality that we don’t have a choice now of debating whether this is a good or a bad thing.
Okay, how about we shoot every third person on Wall Street. That’s something. Moron.
Although this sounds familiar,
“Bailing out the financial system may sow the seeds for a future economic and political crisis,” said Jon Danielsson at London School of Economics.
Hmmm where have I heard this before?
The other danger is that even if the US banking system is bailed out, there will still be problems elsewhere in the world.
Wouldn’t that be a hoot. We blow $700 billion and then the financial markets still collapse due to the way financial markets are basically a global market these days. Money well spent!
This is one of the other problems with government intervention, they just don’t look at the whole picture, consider the future and all the rammifcations of their actions. Grab the nearest thing that looks like it might work and run with that. And when it doesn’t work, don’t accept responsibility, say it wasn’t enough and increase whatever the bad policy is. After all it is a crisis and something must be done now, even if it is wrong.
