The winds howl on Wall Street now, and soon enough voices will begin howling for punishment and prevention of further disorders. Not all calls for prevention are properly seen as squeamish or self-interested. The challenge for voters will be to sort out the sensible from the purely reflexive, malicious and just plain stupid.
The market isn't failing. Judgments made, risks assumed, in a marketplace context are failing -- even as other judgments (as is ever the case) prosper handsomely.
Deliver us, oh, Lord, from these instant, self-justifying proclamations of blame that intensify human crises. Deliver us from the idiocies that accompany the Chicken Little conviction that it's all over but the sweeping out. Everybody take a few deep breaths. Candidates, breathe deepest of all.
Great advice... especially for the shrill:
I’m so angry right now I almost can’t sleep at night. It’s a boiling, gutteral anger. When I try to speak of it, I begin to sputter and use bad language because I don’t have enough words to express the utter depth of my rage.
Remember when I said that the first national election I ever voted in, I voted for John Anderson? Well … I had turned nineteen that May and Ronald Reagan won that election for those of you who remember which race John Anderson ran in. So, for the entirety of my adult life, I have heard lessons on the economy from the conservative side of the street. In a nutshell, those lessons may be summed up by saying, “The market will correct itself, the government does not need to regulate it.” and “We’re not a socialist state, keep the government out of the market.” Don’t fool yourselves, Bill Clinton was no liberal when it came to economics. There was a very good reason why he kept Alan Greenspan in charge of the Federal Reserve for almost the entirety of his presidency. Clinton was a fiscal conservative and only barely a social liberal.
Yet, every time I turn around these same fiscal conservatives … these Republicans who hue and cry about the government staying out of the market … run to the government for a bailout when their greed fails them. When their pride, hubris, greed and foolishness fail and put all of us in jeopardy … they run to the government teat, just like a welfare mother in the projects. I am way past disgust. Just where exactly do they think that government money comes from? The trees? No … I have news for these financiers of great and immortal fame … it comes from me and you. We are now paying for their foolishness.
After all, the only people who didn’t see this coming were those who don’t know their history. That would be … almost everyone.
Though I agree, in part, with having major qualms over Bush's plan to bail out the banks, I don't agree with the nonsensical position that only Republicans are at fault here.
Investor's Business Daily gives some relevant advice:
There's a political root cause to this mess that we ignore at our peril. If we blame the wrong culprits, we'll learn the wrong lessons. And taxpayers will be on the hook for even larger bailouts down the road.
But the government-can-do-no-wrong crowd just doesn't get it. They won't acknowledge the law of unintended consequences from well-meaning, if misguided, acts.
Obama and Democrats on the Hill think even more regulation and more interference in the market will solve the problem their policies helped cause. For now, unarmed by the historic record, conventional wisdom is buying into their blame-business-first rhetoric and bigger-government solutions.
Market failure? Hardly. Once again, this crisis has government's fingerprints all over it.
Let's learn from history. Let's not learn from revisionist history.