Thomas Sowell on Stimulus and Bailouts
Thomas Sowell's "Random Thoughts", a periodic commentary on our society, has these two gems today:
"The adage 'follow the money' will be hard to apply in the current administration, when there is so much money going in all directions that it is doubtful whether anybody can follow it."
The "porkapalooza" stimulus will be impossible to monitor. The Dems like that!
"I hate to hear about "partnerships" between government and business, or between government and other organizations. When there is a partnership between an ant and an elephant, who do you suppose makes the decisions?"
I weep for our banking system. Government decisions (Barney Frank, et al) have put us in the position we are in, and now they will have even more to say in its direction!
Read all of Mr. Sowell's wisdom here.
"The adage 'follow the money' will be hard to apply in the current administration, when there is so much money going in all directions that it is doubtful whether anybody can follow it."
The "porkapalooza" stimulus will be impossible to monitor. The Dems like that!
"I hate to hear about "partnerships" between government and business, or between government and other organizations. When there is a partnership between an ant and an elephant, who do you suppose makes the decisions?"
I weep for our banking system. Government decisions (Barney Frank, et al) have put us in the position we are in, and now they will have even more to say in its direction!
Read all of Mr. Sowell's wisdom here.
Labels: Politics
posted by Jim | 8:40 AM
2 Comments:
I'd save some of your tears!
You make it sound like the government forced banks to over-leverage, to take risks that their executives didn't even understand, and it was all because of big bad Barney Frank.
As I've said before there's plenty of blame to go around in this mess, but bankers definitely made very big mistakes of their own volition. One can argue that some of the rules were not good, but then again not every bank got in trouble - some actually didn't pursue every silly securitization deal (and let's hope those well-managed banks survive!).
The big banks made out well for a long time, but the big bets finally went bad, and the reckoning is painful.
No force.
And it was a lot more lefties - and some righties - than Barney Frank.
Just subtle help to the voters who could not afford houses. Possibly to buy votes?
But to deny that Freddie and Fanny - the cash cows for the Democratic Party for the last several decades - did not enable the banks that choose this type of investment, is to deny the obvious - and this is obvious!
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