November 25, 2008

Creeping Socialism

Bailouts, Banks, and Bull****

Someone better at high finance than I am has run the numbers and the current bailout-a-looza is the single largest bill the US has paid.

Ever.

It beats the total cost of fighting World War II--including the Marshall Plan to rebuild Europe.  It beats the lifetime cost of NASA.  It absolutely overwhelms the total cost of Iraq, Vietnam and Korea together.

The root cause?  Well-meaning but utterly idiotic legislation forcing lenders to assume higher risk to loan to people who couldn't otherwise afford a home.  Because, after all, home ownership is a Right.  The other factors all piled up on top of that single (Carter-era) premise.

And if the banks can't do it, the government will just have to buy them out and make it happen.  Responsibilty?  Bah, that's so nineteenth-century!

Posted by: Douglas Oosting at 12:30 PM | No Comments | Add Comment
Posted to category: Creeping Socialism


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