That this was written 15 years ago reminds me that the problems we face are rather endemic to our political system. Platitudes aside. I think the current bailout policy is only off-putting in it's magnitude. I know, as a country, we don't have the political or demographic will to "quite cold turkey" on so much of what our financial system is based on. I loved listening to Ron Paul's thoughtful high speech as much as anyone, but if the 60 T-bill can have a negative yield than paper money is subject to and sufficient for all our needs ;-)
What's frustrating about the situation is not the bailout per se, but the lack of oversight. The taxpayers of the country are asked to write a blank check to companies that have shown they cannot be viable on their own. It's like bailing water out of a sinking ship without trying to plug the holes. We need to stabilize the credit market and shore up home values so everyone doesn't get screwed.
That this was written 15 years ago reminds me that the problems we face are rather endemic to our political system. Platitudes aside. I think the current bailout policy is only off-putting in it's magnitude. I know, as a country, we don't have the political or demographic will to "quite cold turkey" on so much of what our financial system is based on. I loved listening to Ron Paul's thoughtful high speech as much as anyone, but if the 60 T-bill can have a negative yield than paper money is subject to and sufficient for all our needs ;-)
ReplyDeleteWhat's frustrating about the situation is not the bailout per se, but the lack of oversight. The taxpayers of the country are asked to write a blank check to companies that have shown they cannot be viable on their own. It's like bailing water out of a sinking ship without trying to plug the holes. We need to stabilize the credit market and shore up home values so everyone doesn't get screwed.
ReplyDelete