September 26th, 2008 | 
Author: I supposed I should weigh in on the impending bailout.
Short version: bad
Long version:
Once again I find myself parroting Arnold Kling at EconLog, since I’m short on macroeconomic qualifications, and that really is the crux of the problem: so are most politicians. The current “economic crisis” is not a crisis. Don’t get me wrong, it’s not a great situation, but the actual economic situation doesn’t match the dirge that politicians are crooning. Kling:
“Acting historic emergency legislation now is like doing a heart transplant on a patient with a head cold…”
The real root of the problem with this government action is the same root as most all problems with government action: the false pretense that government must do “something”. One of the main causes of this “crisis” was government meddling with mortgage markets. Why is it assumed that more meddling is the answer?
Unfortunately, I don’t see either candidate really taking the position of “less economic meddling”. McCain has made subtle overtures at opposing the bailout, but I suspect in the end he’ll vote for it (or some version of it). Fred Thompson is, of course, right on the money, so to speak, but continues to endorse McCain. Oh, politics, you are a wicked mistress indeed.
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Question: Do you believe by endorsing the bill McCain and Obama are getting more votes then they are losing?
I mean McCain is in a weird spot. Republicans are not going to vote Obama and McCain can gain votes from “poor” families by voting for the bailout. He can’t really lose, sure he might piss some real republicans off and they might not vote but I think he is gaining more votes then he is losing.
Oh lowest common denominator how I love you.
I have one of those Monopoly cards, will that work?
Yes, Nathan, we know you won the beauty contest. Quit bragging!