Spot on.

Here is a huge underlying issue: when government is making massive decisions, the potential failure is massive. Even when government makes good-faith efforts to adjust, the adjustment is just another massive bet that has as much chance of failure as success.

But when individuals (or individual businesses) make decisions that amount to the same overall sum of money, they won’t all bet the same way. Some will succeed, some will fail. The efforts that fail will be foresaken. The efforts that succeed will continue.

Big Government CAN’T out-perfrom people or multiple businesses. It’s why capitalism succeeds and socialism fails….every time.

We wouldn’t be in this incredible mess in the first place if a tiny handful of arrogant, insulated government officials (the excreble Barney Fife and friends) had not gambled the health of the ENTIRE ECONOMY by forcing banks to give 2% mortgages to unqualified buyers. No private business EVER did anything that stupid.

So what do we do now? Double down, of course, while everyone responsible for the mess points fingers. It is so incredibly stupid that it is beyond comprehension. And the sheep file silently behind. Secure in the blessing of hopey changey.

Of course they were going to be rescued. My husband and I kept putting off buying stock during that last weekend before they got rescued. Hindsight is 20/20.

It was only a matter of time. They have a gov’t contract. They won’t be allowed to fail. Freaking money maker if there ever was one, and we didn’t take advantage of it. <_<

bingo

The esteemed economist Thomas Sowell has some thoughts on the matter:
http://article.nationalreview......GU5M2ZkMWQ=

Mr Sowell does not claim the crisis was created but he does call the crisis “a golden political opportunity for politicians to use the current financial crisis to fundamentally change an economy that has been successful for more than two centuries”.

Wasn’t some politician talking recently about fundamental change?

Another good point he makes: “What is indisputable is that all of the decisions that have led to Citi’s recent troubles were taken while Rubin was chairman of the executive committee, and made by executives with whom he worked closely.” Same old story – Rubin receives millions in compensation packages while the company commits suicide on risky lending practices.

It doesn’t make sense for a company to do this. It doesn’t make sense that those charged to do so never stopped them. It doesn’t make sense “Obama why is now rewarding Mr. Rubin with so much influence and power.” Unless, of course, it was intentional. Unless the economic “crisis” was created and/or allowed to achieve a political end. If this is hard to believe, try the notion that somehow it’s better for us (and our children) to take the hurt for this rather than letting those responsible fall. How is that better for us?
Anyway, it’s a good column if you want to check it out.

“If we add in the Citi bailout, the total cost (of bailouts) now exceeds $4.6165 trillion dollars. People have a hard time conceptualizing very large numbers, so let’s give this some context. The current Credit Crisis bailout is now the largest outlay In American history.

Jim Bianco of Bianco Research crunched the inflation adjusted numbers. The bailout has cost more than all of these big budget government expenditures – combined:

• Marshall Plan: Cost: $12.7 billion, Inflation Adjusted Cost: $115.3 billion
• Louisiana Purchase: Cost: $15 million, Inflation Adjusted Cost: $217 billion
• Race to the Moon: Cost: $36.4 billion, Inflation Adjusted Cost: $237 billion
• S&L Crisis: Cost: $153 billion, Inflation Adjusted Cost: $256 billion
• Korean War: Cost: $54 billion, Inflation Adjusted Cost: $454 billion
• The New Deal: Cost: $32 billion (Est), Inflation Adjusted Cost: $500 billion (Est)
• Invasion of Iraq: Cost: $551b, Inflation Adjusted Cost: $597 billion
• Vietnam War: Cost: $111 billion, Inflation Adjusted Cost: $698 billion
• NASA: Cost: $416.7 billion, Inflation Adjusted Cost: $851.2 billion

TOTAL: $3.92 trillion

______________________________________________________________________

data courtesy of Bianco Research”

If we add in the Citi bailout, the total cost now exceeds $4.6165 trillion dollars. People have a hard time conceptualizing very large numbers, so let’s give this some context. The current Credit Crisis bailout is now the largest outlay In American history.

Jim Bianco of Bianco Research crunched the inflation adjusted numbers. The bailout has cost more than all of these big budget government expenditures – combined:

• Marshall Plan: Cost: $12.7 billion, Inflation Adjusted Cost: $115.3 billion
• Louisiana Purchase: Cost: $15 million, Inflation Adjusted Cost: $217 billion
• Race to the Moon: Cost: $36.4 billion, Inflation Adjusted Cost: $237 billion
• S&L Crisis: Cost: $153 billion, Inflation Adjusted Cost: $256 billion
• Korean War: Cost: $54 billion, Inflation Adjusted Cost: $454 billion
• The New Deal: Cost: $32 billion (Est), Inflation Adjusted Cost: $500 billion (Est)
• Invasion of Iraq: Cost: $551b, Inflation Adjusted Cost: $597 billion
• Vietnam War: Cost: $111 billion, Inflation Adjusted Cost: $698 billion
• NASA: Cost: $416.7 billion, Inflation Adjusted Cost: $851.2 billion

TOTAL: $3.92 trillion

______________________________________________________________________

data courtesy of Bianco Research

http://www.ritholtz.com/blog/2.....ger-bucks/

But of course, the bail-out is but one small piece of the havoc Barney Fife and his spread-the-wealth genius friends have caused.

Let’s not forget the $10 Trillion loss in market capitalization. nor the $6 Trillion loss in home valuations.

So the price tag is now up to $20 Trillion.

So far.

Courtesy of your hard-working representatives in Washington.

But it can be fixed!! or so they tell us.

How you ask? Well by much more of the same policies by the same fair-minded geniuses who brought us to this point.

(side note: I KNEW that Iraq war was a financial disaster. Why, it cost 1 / 40th of what Barney Fife’s little toe stub cost us. Except, of course, we would have spent much of that on the military anyway. We sure could use that money now!!!)

It’s how they make their living, and a good living it is.

Look at Obamy. He has mastered the art of saying 3 different things at the same time. And if that doesn’t work, he just denies he said whatever he wished he hadn’t said. Problem solved.

I am just AMAZED at how these liberals are always willing to come to the aid of one another even when the writing is on the wall. I mean 350 billion in the hole and your supposed to keep your job. How do these people look at themselves in the mirror with a straight face, keep all of their lies going in the same direction, and not to mention sleep at night. There has been wild speculation that this planet has been already been invaded by aliens and they are living among us, until now I would have thought that those people were crazy but I’m starting to get on board with those ideas.