Well said sir.
Well said sir.
A rare moment of lucidity is more than you could ever hope for, willy.
Beck has been one of the sane people on TV regarding the economy for about a year.
This belongs in the econ forum....
But Glenn is right. You have to let companies fail. Even when it means a whole lot of short term pain. We are now officially a country that will not let big companies fail. Its a Ponzai scheme and it can't last.
We should have let the banks fail and we should let AIG fail and we should let fannie and freddie fail. We should also let GM and Ford fail.
But we won't.
We are a nation that refuses to let anyone suffer the results of their bad decisions - bet it an individual or a business. Our government feels it is the responsibility of everyone to bail out the bad decisions of a few. So rather than letting a few suffer, we will all suffer.
Last edited by OwlMBA; 09-20-2008 at 05:02 PM.
Beck is brilliant. He's the one who turned me on to Palin months ago. :)
Beck laments that we're up to our eyeballs in debt and we go out and buy half the mortgages in the country. Are there any economists here? What would have happened to half the mortgages in the country if Freddie and Fannie had collapsed? Mine is a serious question because I have no idea. From what I've heard, lending literally came to a halt or damn close to it last week. How can this country function in that environment? It kills me to see government bailing out businesses the way they are but isn't the alternative far worse?
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