Wednesday, October 01, 2008

The Bailout Still Looms

Tired of reading about the bailout? Then you can just sit back and watch. Take 5 minutes and consider that your representatives in government are still considering socializing the financial markets.

Update: This Wall Street bailout may be a complicated issue:

Yet predictions of a sea change towards more invasive government are premature. The Depression witnessed a pervasive expansion of the federal government into numerous walks of life, from trucking and railways to farming, out of a broadly shared belief that capitalism had failed utterly. If Mr Paulson and Mr Bernanke have prevented a Depression-like collapse in economic output with their actions these past two weeks, then they may also have prevented a Depression-like backlash against the free market.

The Senate's approval of a 25 billion dollar loan guarantee for the US auto industry sure isn't. It seems the best time to ask for a little government money is when someone else is about to get a lot of government money.

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