September 16, 2008

NY Times:

The Dow Jones industrial average fell almost 450 points on Wednesday as one of the most stunning government bailouts in American history failed to stem the runaway fears engulfing the global financial system.

Conservatives tell individuals to pick yourself up off the floor and do something with your life you welfare queen. Well, when it happens to Wall Street---the corporations come begging to us and get bailed out. This is all very complicated stuff, but it proves the fallacy of conservatism. There are times when the government should step in, but for conservatives that should never happen for the average worker. Only rich fat cats like Carly Fiorina should ever be graced with help.


The entire financial system is practically collapsing and they're lamenting the possibility of more regulation. I don't think the sports/referee metaphor is perfect, but it's probably good enough. People who prattle on about "the free market" are usually too stupid to have a clue how complicated and pervasive the "rules" had to be to to get a well-functioning modern market system: sophisticated concepts of contracts and enforcement, property rights, legal entities, proper accounting, bankruptcy, limited liability, etc... etc..., did not descend from the heavens but were, in fact, created.

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