the way to fix wall street is to stop the bailouts.
First off, I want to say that I am a big Sarah fan and I think that she has pulled McCain's beacon out of the fire. But it is time for a reality ck and I hope constructive criticism.
I listened to Sarah's speech in Col. and Biden's shortly after on Fox. I didn't get to hear ether's entire speech but let me express my opinion on what I heard.
Sarah started out on failures of Lehman etc. and said we need new regulations, blah blah. It would have been more convincing if she would have said that these failures might be attributed to too much Gov. interference in the private sector.
But the real point, and suggestion I wanted to bring out here is Sarah's same old routine of what we have heard ad-nausium for the last couple of weeks. Don't get me wrong, I loved it the first couple of times I heard it. But if we want her to continue to be a breath of fresh air, she really needs to get a new line.
Biden, on the other hand came out with a barrage of new lies that I could see might be very convincing to the average MSN slave.
Please don't flame too hard, believe me I just want to help the conservative cause.
The Fed had to add $95 billion today if the banks wanted to open for business tomorrow. Europeans another $50 billion. These injections of brand new money were oversubscribed - banks actually tried to get $400 billion. The non-bailout has already cost 10 times what any bailout would have cost, and we are still counting.
This was an utterly stupid move of world historical proportions, akin to collapsing the money supply deliberately in 1932. It will cost us unnecessary trillions before this burns out.
The moralizing ideological blame game nonsense needs to stop yesterday. There is one thing and only one thing important right now, and that is to allocate the loss and limit its size as much as possible. Playing "I'll make the other guy pay" can and will multiple the losses 10 to 100 fold. Already is.
Is Lehman paying one dime more because it wasn't sold to Barclays for a nominal sum? No, it is bankrupt, bankrupts don't pay their debts, their creditors do.
Are Lehman's creditors properly on the hook then? Well, in the sense that AIG may be bankrupt too before the end of the month, sure.
Is anyone anywhere richer in the slightest for this moralizing desire to burn them all to the ground? Sure, about six short sellers. But not the taxpayer, not the public, and above all not the American people.
Is there a single economist left in the US, who cares about the overall result, the size of the pie for everyone to share? - or is everyone just an ideologue peddling stupid irresponsible spin trying to steal from each other?