Friday, September 26, 2008

Hank Paulson's economics does not resemble our Earth economics.

Hank Paulson's Countdown to Armageddon : How the Chicken Little treasurer is nationalizing the U.S. economy - Reason Magazine:
"...Even through the combative tone, the finely calibrated inanity of Paulson's comments remains a thing of beauty. It's a healthy market when prices go up, regardless of the potential value of the asset. It's a market failure when prices go down, even though they're going down specifically because we now know the asset was overvalued.

...It's never been more clear what an orphan the free market argument is. The Republicans are looking to establish a form of crony socialism and the best the Democrats can come up with is to demand that the government establish CEO salary caps. And since everybody else sees an epidemic spreading, I'll see one too: Why should we stop at financial services? After this bailout, what will be the argument against having the government rescue health care, water and electric, airlines, print media, and other troubled industries?"

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