This is more of a short commentary on the reaction to the market crash yesterday than anything else. It was sort of funny, in an ironic sort of way, watching the talking heads on Fox and elsewhere completely baffled when the the market took a dump yesterday rather than rising like they expected in the wake of the "bailout" legislation.
While what happened is exactly what I expected, since it is really the only thing that can happen when the government interferes with the economy on a nearly trillion dollar level, all they could talk about was why the "bailout" wasn't doing what they expected it to do--fix the "markets". It was just amusing watching people who claimed to be both "economic experts" and "fiscal conservatives" baffled that the plan wasn't working as they expected it should. It just shows how little even the so-called "experts" really understand how Capitalism actually works, and also why such a large intrusion into the economy can only cause the disastrous result that it has actually caused. It's also kind of funny, also in an ironic sort of way, that they now think that it will just "take time" for "positive" effects from the "bailout" to be seen.
It's funny, but it is also an extremely serious situation, because nobody seems to see that what is actually being created is a Depression not an economic recovery as they expect will occur. We need to use this disaster as an opportunity to advocate the right ideas--now. This is how we will eventually win this war of ideas and eventually stop this nonsense from ever happening again.
About Me
- EC
- This sums up my ideals-- "I swear--by my life and my love of it--that I will never live for the sake of another man, nor ask another man to live for mine." --Ayn Rand (from Galt's Speech, Atlas Shrugged
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1 comment:
You think that's bad, hm. You should see some of the discussions I have on a finance board (getrichslowly.org). It's embarrassing. To be fair, they say that the bailout bill will improve things further down the line. We'll see. But I tell ya, I've said it before and I'll say it again; until there is a sea-change philosophically in this country and people start to accept rational self-interest as the moral way to go, nothing's going to change. Nothing.
And you can take that to the bank.
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