Wednesday, December 10, 2008

What could be more insane about the bailouts?

Einstein reputedly said, "Insanity is doing the same thing over and over, expecting a different result."

"Regulators scratch heads over housing crisis"

As I said to a friend last night, "Duh. Fucking duh."

We shouldn't be at all surprised that people got "help" and are still defaulting, or that "regulators" don't understand why their solutions didn't do a damn thing.

Nor should we be surprised when their solution is to throw more of other people's money at the problem: they'll tax us more (either now, or in the future to pay off debt they incur for us now) so we'll have the dubious satisfaction of paying off others' mortgages, and make us pay more for everything because the Fed will keep interest rates too low and thereby create inflation.

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