Absurdity
One of the websites I like to visit often is the Daily Reckoning. These guys are the author of the book Empire Of Debt. A book I recommended on my blog post titled Paper Money.
This I think sums up how bad government bailouts are for the economy:
It is amazing to us that so many people have so much faith in so much humbug.
We’re talking about the bailout…the fix…the save…the plan to revive the world economy by giving it more of what it least needs — more debt. The idea is to make the pain of the correction go away by encouraging people to act as though they had nothing to correct. They’ve borrowed too much. And they’ve spent too much. But the feds aim to make them borrow more — by bringing the cost of borrowing down to an all-time low — and make them spend more…by causing prices to rise. (When money loses its value…they’ll be glad to get rid of it.)
This is akin to giving a drug overdose victim more of the drug that almost killed him in an attempt to save him!
