Paul Montgomery (![[info]](http://l-stat.livejournal.com/img/userinfo.gif){kind=small} paradox0220) wrote,@ 2008-09-22 13:22:00 |
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How We Became the United States of France
http://www.time.com/time/nation/art
... is an interesting read although I don't know why they have to make up outlandish stats on France etc. Detracts from the point that should be made for me.
http://money.cnn.com/2008/09/22/news/ec
Ok, I have to rant for a second. I keep reading about government folks defending this 700 billion dollar bailout with statements such as:
"But like a house on fire that's threatening to spread quickly through the neighborhood, the first priority is to put the fire out - not yell at the arsonist - supporters of the bailout would contend."
IMO, this analogy is flawed (and very self serving for the authors). The bailout is not putting out the fire; it is only containing the fire temporarily by tossing more wood on top. How? By propping up (rewarding) those who make risky investments and enabling them to continue doing so while punishing those who make sound investments. The government is taking the risk out of the basic risk/reward capitalist concept.
My friends, I predict children years from now will be reading about this chapter of American history and will be asking simple questions that we should all be asking like: Why did they let this happen? How did they squander such wealth and prosperity?
http://www.time.com/time/nation/art
... is an interesting read although I don't know why they have to make up outlandish stats on France etc. Detracts from the point that should be made for me.
http://money.cnn.com/2008/09/22/news/ec
Ok, I have to rant for a second. I keep reading about government folks defending this 700 billion dollar bailout with statements such as:
"But like a house on fire that's threatening to spread quickly through the neighborhood, the first priority is to put the fire out - not yell at the arsonist - supporters of the bailout would contend."
IMO, this analogy is flawed (and very self serving for the authors). The bailout is not putting out the fire; it is only containing the fire temporarily by tossing more wood on top. How? By propping up (rewarding) those who make risky investments and enabling them to continue doing so while punishing those who make sound investments. The government is taking the risk out of the basic risk/reward capitalist concept.
My friends, I predict children years from now will be reading about this chapter of American history and will be asking simple questions that we should all be asking like: Why did they let this happen? How did they squander such wealth and prosperity?
