The Palestinians at my corner store are proclaiming the end of the American Empire. While I am a bit more agnostic about the state of the times, it is staggering to look back over the excesses, public and private, of the last decade.
A bailout is probably necessary to keep the financial system from freezing up and compounding economic freefall. Any Keynesian worth his salt knows we are best off running up deficits in the bad times. For that to work, however, the theory holds for running surpluses when the economy is good, else the deficits will fuck you. I'm not in this for the accounting, but i suspect if you tally up the domestic pork projects and the IOU's of recent foreign adventurism, you'll find yourself with a number well in excess of the 700 Billion hair of the dog solution to the ongoing financial meltdown.
Oh yeah, and because everyone wants ideas for exotic destinations when they are broke, check out my most recent article.
Wednesday, September 24, 2008
Posted by Bill Wilson at 2:09 PM