October 10, 2008

Wall Street Bailout: Useful Failure

Wall Street Bailout: Useful Failure

"In a democracy, it is said, you get the kind of government you deserve. But what did the American people do to deserve this?" -- Patrick J. Buchanan

by Frank Roman

Audio Version

First, I would like to apologize for the delay of this podcast. A number of other assignments have kept me busier than usual this past week. Thank you for your patience.

Well, as expected the Wall Street bailout went off without a hitch. Whereas I am no financial analyst, the blame for this mess seems to reside in so many subjective areas it would be foolhardy for me to try and nail it down and I’ve read reams about this debacle. Some people are saying the Wall Street crash is due to the “deregulation” of lending houses which resulted in the unleashing of unimaginable greed. Others say it started with government enforced home loans to minorities knowing full well they couldn’t pay them off; while a few leftists are certain it was the ‘failure of capitalism.’ Many so-called analysts declare it was an increase in the supply of money (inflation) and not from demand from consumers, which put usable money into “markets” where there is insufficient demand and so on and so forth (ad nauseum).

It all sounds like voodoo to me.

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