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Karl Gallagher's Political Journal
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Thursday, September 25th, 2008

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Most of the news is on the G$700 bailout being proposed for the financial sector. Damned if I can tell how well it'll work or how it compares to the alternatives being pushed. But the government kept pushing "lend more" on banks with anti-discrimination regulations, approval of fancy risk-shifting games, and having Fannie/Freddie as a safety net. Now the banking system is landing in the safety net and the taxpayers are already obligated. So something has to be done.

It's like a bunch of teenagers playing with matches who see the fire get out of control. They've got to get it out. All the options are bad. Smothering it with a blanket destroys valuable bedding, getting a hose causes water damage to downstairs, stomping on it could get them burned. But the time to think and be sensible was before they started playing with matches, now they just have to get the fire out.

Current Mood: cynical

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