Ben Langhinrichs

July, 2014
SMTWTFS
  01 02 03 04 05
06 07 08 09 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31

Search the weblog





























Genii Weblog

Cue the ragtime music

Tue 23 Sep 2008, 09:06 AM



by Ben Langhinrichs
This proposed bailout just has all the feel of The Sting, with Henry Paulson as Robert Redford.  I wish I wasn't so sure that we were the fall guys.

Copyright © 2008 Genii Software Ltd.

What has been said:

730.1. Jerry Carter (09/23/2008 09:52 AM)

Brother, ain't it the truth. This is a bad idea any way we look at it. Most worrying, Ben Bernanke has a hand in its authorship - the guy who thinks the interest rate lever should only go down. What's sad is that left alone, the rot in the system would burn out anyway. Back in 2002-2003 the equity bubble was bursting, and now it's the credit bubble. Things have a way of righting themselves when left to the natural vindictiveness of the markets. Putting a huge aid package on the table is actually what prolonged the great depression. I point again to its similarity to the Marshall Plan, funding the rebuilding of Europe after the war. West Germany, not receiving these funds and left only to the power of a free market rebounded in short order compared to the rest of Europe. Hand outs don't incentive people to change their behavior - handouts prolong the behavior that caused the problem. As credit consumers, people as well as businesses need to feel a measure of pain in order to learn not to do it again!