Do that many believe regulation and manipulation are preferable to free market supply and demand?The beltway crowd love it of course and will spout off many stats of progress since the Great Depression.
With the TARP failure,I have to wonder which is best.Even industries themselves participate.Take the oil industry.They are storing crude in supertankers around the globe to wait for a better price.Obviously taking supply off the market should artificially increase demand.Good business move?Why pay to pump it and store it for later?Why not just leave it in the ground until the price increases?If it were the auto industry building capacity,they would be chided for the overhead costs of huge lots of cars they can't sell.
The Fed gave GMAC a few billion at 8% interest and they turn around and offer 0% financing.Is this wise when financing is their profit tool?It's not selling cars.
AIG,Citigroup,BofA.Those and more are being thrown money and then coming back for the re-tap.Obama and Pelosi have it right in the stimulus bill that $825 billion is likely not enough and just a starting point.Banks are hoarding their bailout funds for a rainy day fund.Geithner is coming in and hasn't mastered a calculator yet,at least at tax time.He's going to fix it?
Americans need to trust their gut more often.The vast majority were against the TARP money and got the attention of Congress for a minute until the smell of bacon overwhelmed them.When you see nobody attempting to fix the cause,you realize the political machine is extremely hard to knock off the rails.I still go back to getting what you ask for.Keep voting in these same fools and enjoy the dog and pony show because you're getting what you paid for.More to come...