Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Bonefish who wrote (87413)	9/30/2008 8:21:17 PM
From: benwood	1 Recommendation Read Replies (2) of 116555

No. Wall Street mainly is teetering. By my reckoning, 2/3rds of the jobs must go. Ouch, that's a lot of pain. Thing is, they will go sooner without the bailout. The bailout will prolong the time they have to suck up more of America's future. What's more of a disruption -- having occasional credit card authorization problems, or having the entire future of America sucked into a black hole by Paulson and the rest of the Goldman Sachs thugs in gov't? Pain w/o a bail out: absolutely! Pain w/ a bail out: absolutely. But on steriods. I'm thinking of the total pain over 10 years. We will be far better off as a nation w/no bailout, but with some effort to throw a few life vests to the crash survivors. People nearly always choose to defer pain even it it will be worse in the end. People are lazy that way, and so in this respect, Congress looks like mainstream America. But it sells our country short, re-rewards thuggery and thievery and expands moral hazard. And maybe the worst thing of all: it threatens to expand gov't yet again.

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