Posted by
Whittaker on Friday, November 21, 2008 9:56:19 PM
According to THOMAS H.R.1424, AKA Emergency Economic Stabilization Act of 2008 or the Financial industry bailout package,a bill to provide authority for the Federal
Government to purchase and insure certain types of troubled assets blah, blah, blah became law on 10/3/2008.
I seem to remember large amounts of our money being spent, with lots of learned and rich people saying that it was a great idea.
Let's look at the picture so far:
The chart shows the Dow Jones Industrial index. Maybe I am reading it upside down, or perhaps
- The US financial markets are too big to manipulate - even by the Government
- Politicians are economically illiterate
- If the people advocating and making these 'bailout' decisions own stock, they have undeclared vested interest in using government money to further their own ends
- The market punishes incompetence. This allows others to come in and do the job better.
Let's hope that the same mistake is not made with the US auto industry. To paraphrase Mitt Romney, an auto industry bailout would be its death sentence.