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September 30, 2008

No Bail Out

Throughout the strange economic drama that’s been unfolding in Washington and elsewhere, the predominant theme has been one of mystery; with most observers seeming to agree that something terrible could happen to the economy if emergency measures adding up to a “bail out” were not taken promptly, and indeed; a number of such measures, each of which was an unprecedented exercise of federal authority over a large financial institution, had already been taken, with no end in sight. Wall Street, as reflected by the Dow, was still reacting in muted fashion as were overseas markets, at least, to the extent reported here in the US.   

A NYT editorial published the the day after Bush’s dissembling attempt to explain the crisis on National TV castigated him for lack of leadership and complained that the two men vying for his job were also being less than forthcoming.

After learning that the bail out had just been defeated by Republicans in the House, I can’t resist a faint hope that the financial crisis thus prolonged by their ignorance will at least allow a long overdue opportunity for less doctrinaire humans to come to grips with the role played by our species’ intellectual dishonesty, greed, and fear in the creation of these recurring debacles. 

How could that happen? Hopefully, through a realization that judging a morally neutral universe in moral terms inevitably leads to folly and that if we really want honesty in government, genuine transparency is far more valuable than the (inevitably) false promises of politicians.

Doctor Tom

Posted by tjeffo at September 30, 2008 04:57 PM