Friday, September 26, 2008

Your Morning 'not so' Funny

Various stuff from around the 'net on a gloomy Friday. Talk amongst yourselves...


The full $700,000,000,000.00 monty. That's what Ace wants. And he ain't too happy with McCain's alternate bailout plan.

Surber's the turtle in this race. He wants to know "What’s with the rush to spend $700 billion?"

Amanda Carpenter doesn't want to wait. Neither does GP. Get ready to R-U-M-B-L-E!!! Who John McCain should make famous.

No matter what, Market capitalism in the United States will never be the same.
We are witnessing a radical modification of capitalism. Some of this is obvious. We know that the old view that some banks are too big to fail has been augmented by the view that some financial institutions are too interconnected to fail. So Freddie Mac, Fannie Mae, AIG and others are bailed out by one device or other, even though no depositors were directly threatened by the demise of these institutions. Carnegie Mellon economist Allan Meltzer might be right when he says, "Capitalism without failure is like religion without sin." But it seems safe to say that our tolerance of failure is just not what it used be. The great economist Joseph Schumpeter talked of capitalism's awesome power of creative destruction. Were he still around he would be unhappy to note that we are in for both less destruction and less creativity. There is a growing desire for shelter from the storms of market economics.

Updated: update


The Blog That Nobody Reads weighs in.
It’s not that it was news to me that the strong-arming was going on. It’s that I didn’t understand it was this bad, and I think most people don’t understand this.

We hear so much, now that the time has come to pay the piper, about this stuff called “oversight.” The oversight was there from day one. If there’s one thing governments in general don’t have a problem doing, it’s overseeing things.

The issue really is — any time you oversee something, you have to have a goal in mind.

Charles Krauthammer says nothing short of gladiator spectacle broadcast on television will sate the public's blood lust in this matter. I'm sure that's just hyperbole (?)(!).

(although I'd substitute members of congress for wall street bankers)

And, per usual, the democratic-socialists want to pork up the bail out for their favorite RICO companion, ACORN.
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