Thursday, September 18, 2008

"It's da Economy Stupid!"

I would like to make lots of money and live happily ever after, but it seems that the big guys who make lots more money are never happy with their already inflated share of the pie.

As Paul Wilmott said in the NYT on 9/18 "As long as people are compensated hugely for taking risks with other people’s money, and do not suffer equally on the downside, then those risks will inevitably become outrageous. Whether markets are efficient or not I don’t know for sure, but I do know that if there’s a way for someone to make money at another’s expense, he will."

We are a long way from the eighties, but apparently greed is still good and the tax payers will pay the freight.

IRONY CHECK! The party that has claimed pay as you go fiscal conservatism for these oh so many years has given us the biggest deficit in history and an ongoing ten billion dollars a month going out in a sewer called Iraq. The latest round of bailouts is so huge that it has completely overpowered the giant sucking sound of the war.

This same party, whose deregulation champions McCain and Graham, are now sounding the panic bell to put a brake on the rapacious free market capitalism that they fostered, is lookng more like the government control "tax and spend" opposition every minute. Good folks all over there, with the possible exception of the VP choice who thinks that "creationism" is teachable science, that foreign policy experience is being able to see Russia across the water, and that Roe v Wade should be ditched in favor of abstinence only sex education.

I am not sure that anyone will be able to extricate us rapidly from the mess that Bush has made, but it seems probable to me that Obama has a better chance of getting started on it than "Maverick Man."

Just my thoughts this morning. jdy

No comments: