Posted on 09/25/2008 6:17:23 AM PDT by TBP
Socializing risk only creates more risky behavior, which creates more massive losses, which creates more need for bailouts.
("Oh, goody! Something else we can nationalize!")
Do we really wat to encourage this behavior? Remember that as the best President of my lifetime reminded us, "When you subsidize something you get more of it."
Stop the bailout!
The message is right. But this comes from a messenger who socialized risk of his own political campaigns and failed to pay back debts for years. Kinda hollow.
I already called my congressman again this morning.
Keyes gets it. He understands.
He should have run for President.
Oh, wait. He did.
We all laughed.
We get what we deserve.
I feel conflicted about this bailout. Reading Keyes thoughts have me questioning the wisdom of this act. However, I can’t see another workable alternative. I’m no economist.
This statement is spot on:
“And I have to say over all, that the spectacle is heart-breaking, and it confirms the sense of urgency I still feel that if the American people have sense to wake up and take directly the power that is being taken from them — don’t take these phony choices, don’t accept these phony alternatives — if they don’t find a way to wake up, then they’re only going to wake up into the bondage that is being prepared for them. “
This issue is so simple I don;t know what all the fuss is about.
ANY taxpayer funded involvement by the government in private business or the private economy is socialism. The government should do nothing.
It’s unfortunate that the government is what got us into this mess in the first place, but the only solution now is scorched earth - pull the government completely out and let the economy reset itself.
Some people may get hurt, but maybe that will wake people up to the kind of socialist a-holes they’ve elected over the years... doubt it, but at this point, I think it best for everyone’s future.
Kinda hollow.
The message? Or the messenger? The message was spot on. We need to be able to separate such things or we’ll keep getting Bush and McCain, or Obama et al.
OK, what does Keyes suggest? A complete collapse of the banking system? Mutual fund and hedge fund collapse? Etc?
There is a time and a place for intervention and this is it. If done correctly.
Hint: Forbes likes the bailout, Soros is against it. That told me all I need to know.
As I said, the message was not the problem...but the messenger is made of straw.
I'm not either, but I know more econ than most people. (I learned good, solid economics at Hillsdale.)
Ed Feulner of Heritage has a good article in today's Washington Times laying out some free market solutions.
http://www.washtimes.com/news/2008/sep/25/a-free-market-fix/
And Thomas Sowell has some good ideas:
http://www.washtimes.com/news/2008/sep/25/political-solution/
I guess maybe we're damn if we do and damn if we don't.
“Hint: Forbes likes the bailout, Soros is against it. That told me all I need to know.”
A couple of billionaires fighting over how to spend $700 billion taxpayer dollars. Excuse me if I’m not impressed.
If I screw up my finances, NOBODY bails me out... even if it wasn’t technically my fault.
I’m actually excited about what might happen if the government does nothing. This is mostly panic hype in my opinion anyway. so I’m more than willing to roll the dice keep my $700 billion and see what happens.
As I said, the message was not the problem...but the messenger is made of straw.
You’re right. I read in haste, wrote wrongly. Apologies.
As long as the architects of the meltdown walk away with millions in profits, yes.
No problem :-)
Fannie, Freddie Should Be Split Up: Steve Forbes
In the short term, the U.S. government's bailout of Fannie Mae and Freddie Mac does remove the uncertainty from markets, said Steve Forbes, Chairman & CEO, Forbes Inc. However, there will be implications for the U.S. taxpayer and shareholders of the two companies.
"What should be done is instead of having these (Fannie and Freddie) become permanent wards of the government, is to split the companies up into ten different pieces, recapitalize them, allow old shareholders to exchange their shares for new shares, have the government take warrants so that the taxpayers can get some of their money back, and to sever the ties and ship them out into the private markets,"
Soros says something without saying anything...Soros: Fannie, Freddie Crisis Not the Last
"This is a very serious financial crisis and it is the most serious financial crisis of our lifetime," Soros said. "It is inevitable that it is affecting the real economy. It is an idle dream to think that you could have this kind of crisis without the real economy being affected," he added.
That told me all I need to know.
I know what I need to know as well.
When we did the Big Bank Bailout in ‘83, a coalition ranging from libertarians to the Conservative Caucus to Ralph Nader opposed it. The mere fact that folks on the left oppose it is not a reason to support it. Even a blind bird catches a orm once in a while.
Besides, Soros is simply trying to play it for his own advantage. As Eliot wrote:
The last temptaion is the greatest treason:
To do the right thing for the wrong reason.
That’s Soros in this case.
When we did the Big Bank Bailout in ‘83, a coalition ranging from libertarians to the Conservative Caucus to Ralph Nader opposed it. The mere fact that folks on the left oppose it is not a reason to support it. Even a blind bird catches a worm once in a while.
Besides, Soros is simply trying to play it for his own advantage. As Eliot wrote:
The last temptaion is the greatest treason:
To do the right thing for the wrong reason.
That’s Soros in this case.
And somehow you've determined that to mean...Forbes likes the bailout...?
I don't get it.
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