The Corner

Bailout to Nowhere

Some observations from the free-market fringe on a very busy day.

First, the Donald was just on Cavuto, arguing that the silver lining of the current mess is that the price of oil is going to plummet and there’s not a thing OPEC can do about it.  He may be right.

Secondly, Martin Hutchinson from the Prudent Bear web site looks at parallels with the Great Depression, and asks whether politicians are trying to make exactly the same mistakes made back then.  He suggests they are.  Again, he may be right.

Finally, John Berlau argues that what happened today is a victory for “those who value freedom, responsiblity and the true free market in which individuals are free to profit from their risks on the condition that they don’t stick the rest of us with their losses.”  As my close colleague, I am sure he is right.

It really is time to look at “no regrets” solutions – things like mark-to-markets suspension – before once more throwing around talk of massive sums of taxpayer investment by bureaucrats who will act as fund managers.  The American people have spoken with a clear voice over the past few days, and 228 representatives listened.

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