Tuesday, September 30, 2008
This is Dr. Frank-n-furter.
I'm clueless about the financial situation of this country. If things are truly as desperate as they sound, OK, fine, bailout. It does make me nervous that the only stock that went up yesterday was Campbell's soup and I worry about the world financial structure. And as some have noted, years from now the government could make money on the deal. TheCSO mentioned yesterday that when Sweden had to bail out, they cancelled all of the bank stock and thus made the bank stockholders bail first. Seems reasonable.
But I can certainly understand the concerns behind giving a guy who was denying that there was a crisis a mere two weeks ago 700 billion dollars and expecting him to price all those securities accurately. And this whole bailout thing worked none-too-well in Japan fifteen years ago, and continues to work none-too-well as the bailing out on the domestic side is still going on. And I don't like it that smart friends of mine who said "Hmm... Sure mortgages are cheap, but we're not READY to buy a house yet" are going to have to pay the bill for people who made less reasonable choices.
It's interesting to me that most of the liberals I know view libertarians of being puppydogs to big business, but most of the libertarians I read are against the bailout. Here's an example.
So, basically, I have no idea.
Hey! Look! A kitty!