Haha! That totally made my day. Thanks to Jesse Baer for the link.
I've been hearing a lot about the $700 billion bailout today and I'm glad people are waking up to the enormity of the cost, which is about $8,000 per taxpayer. For a very long time, I've lamented that Americans appeared to be sleepwalking into oblivion as bad credit and economic distortions piled up and that the few who did talk about it were dismissed as kooks. Now I have hope that even though we'll still be on the hook for potentially $trillions in toxic mortgage paper, we'll let our legislators know how mad we are every step of the way!
People are Asking the Wrong Question (Got this link from
the_recession)That blog article explains why bailouts are ineffective and throw good money after bad by examining two periods in history, Hoover's 1931-1932 bailout and Japan's lost decade. It's hard to tell what will happen at the moment, but I'll go along with the Daily Reckoning folks in guessing that we're in for a Japan-style prolonged soft depression. However, there is a small chance we'll enter a hyperinflationary period if Paulson and Bernanke don't come to their senses and continue pushing for more and more monetary juice.