Here’s a revelation: A story headlined, “Bailout funds being spent in ways Congress never foresaw.”
What? Our omniscient congressmen failed to forecast the fate of their latest multifarious munificence?
You know, whenever I myself spend hundreds of billions on random questionable socialistic takeovers of the economy, I always demand an itemized account of exactly what I will get in return. Always.
It seems that the $700 billion just authorized by Congress is not only being spent on buying up troubled mortgages but is changing into a “broader bailout of all sorts of troubled businesses.” Some banks used the money to buy other banks instead of to “spur more lending.” And other recipients are paying dividends to stockholders.
Apparently, various central planners of our economy expected those receiving the money to use it in more publicly spirited fashion.
Such caviling ignores the real problem, which is more basic. You can’t cure the effects of gignormous debt creation and gignormous subsidizing of unwise enterprises with even more gignormous debt creation and gignormous subsidizing.
If massive intervention in markets caused the economy to curdle, roll back the massive intervention. Let investors take risks with their own money.
But don’t get drunk all over again, faster and harder, and expect that this time there won’t be any hangover.
This is Common Sense. I’m Paul Jacob.
4 replies on “Unintended Consequences!!!”
Genius at work-see Congress for how not to govern and get it right. Looks as if the demotrash are doiing it to us again. Bend over so it will be more comfortable.
Exactly right! If insanity is doing the same thing and expecting different results, the current “efforts” certainly qualify! Didn’t we elect these legislators to act in our best interest? You would never know it.
Ask the auto industry to go to a 3 day week and call back laid off workers to work 3 days.
I can hear the union protest from here!
Ben
Amen. I guess the idiot Congress doesn’t want to know, and why should they, it’s not their money, nor is it their problem.
They have campaign cash cows and exhorbitant free dining experiences, and tailored jet flights to vacation destinations on “fact finding tours” to think about.
They can boss around the intern teenagers under their direction to pass along write up of the implementaion legal wording of the bills they just ignorantly and unknowingly passed without being present under pressure and self gratification, by the lobbyists with endless campaign and family employment favors and jetset parties and pounces about the world…“official business” of course.
Yes, that is exactly what I think, and the more often than not sparsely populated c‑spanned house and senate floor confirm it — besids the very revealing internet, with fully documented trip pictures and blogged news revelations.