Economic Policy–Post to Las Vegas Sun

 

Dale-We’ll never know if you are right. You are a true free market spirit. Over the years I have concluded that the reason that capitalism has worked in this country is that we are willing to recognize its limitations, and create
policies and institutions to respond to the inevitable fluctuations in its fickle nature.
When it came to the US auto company bailout I found myself feeling the same way as you. Let them enter Chapter 11, and restructure under a bankruptcy judge. The initial $350 billion TARP injection was an absolute disaster. No plan, no transparency. Banks held onto most of the money. Bought other banks. Wall Street paid out lavish bonuses to their people. I hope and believe there was a lesson learned in that experience.
To the extent that the Obama rescue package scrubs out most of the pork( which being a democrat initiative it probably will not), I am hopeful that it will have enough stimulative ingredients in it to jump start an ailing economy. Enough tax cuts, and infrastucture projects to really help. I truly believe that if the feds start to hold the bailout recipients feet to the fire that well get some benefit from these cash infusions.

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