Kudos to those congressmen that voted no yesterday. Dick Armey weighs in today.
I think he gets it right. The bailout will reward bad business choices, punishes more responsible financial firms, and ultimately gets in the way of necessary market adjustments and corrections which must happen. The bailout might infuse some short-term confidence, but it will only delay real market stability.
David Brooks has a different view. Apparently our country is not being governed (without massive government intervention in the market). Somehow I missed all the lawlessness and chaos about the realm. Yes, David, your retirment fund is going to take a hit. It doesn't mean America is like NY City in the seventies.
It strikes me as odd how people like Barney Frank can be so upset that others are holding the bailout up. No one in favor of the bailout has explained how it will help and how it works to do so. All I've heard is that it is necessary and will prevent some short-term pain. If its supporters are going to be so adamant, they should tell me how and why it will work.
