[quote=waiting for bottom]She and the rest of them still have not addressed the premise: Are we really in a crisis?[/quote]
Somehow, this never got answered.
Yes. A thousand times yes. Unfortunately, we’ve been in a crisis for years. Are they overstating things now? No, just the opposite, they’ve been understating it until just a few days ago. So if it isn’t a potential pending crisis, but a fully realized crisis well underway, can this bailout provide any material benefit? No, it’s too little, too late. Most likely it will make things worse with the ol’ unintended consequences. The time to act was years ago, when the housing and credit bubbles were still growing and hadn’t reached catastrophic proportions. But during that time, when Rich and Peter Schiff and Robert Schiller and many others were all sounding the alarm, the likes of Greenspan, Bernanke and Paulson all said, “Risks? Don’t be silly! It’s a party!!!” Either they were all grossly incompetent in failing to realize the growing crisis, or they knew damn well and covered it up to lay the ground work for this aggressive power grab.
