Thursday, November 13, 2008

Pour Yourself a Tall One

How bad are things these days? The bailouts are working right? The government is taking care of things. Obama is coming in!

Hitchens sends a wake up call.

The national Treasury is an echoing, empty vault; our Russian and Iranian enemies are acting even more wolfishly even as they sense a repudiation if Bush-Cheney; the lines of jobless and evicted are going to lengthen, and I don't think a diet of hope is going to cover it.

... many Obama voters appear to believe that the mere charm and aspect of their new president will act as an emollient influence on these unwelcome facts and these hostile forces. I can't make myself perform this act of faith, and I won't put up with any innuendo about my inability to do so.

In other news, there are capitalists and free marketers out there who think the new American paradigm where the government nationalizes the economy, is heading for a big disaster. You knew they would. They are out of fashion now but you can't ignore what they have to say. (A sample.)

What nearly all politicians on both sides of the aisle fail to understand is that the current contraction and credit crunch is necessary to restore order to an economy that is horribly out of balance. Years of misguided fiscal and monetary policy and market-distorting regulations have resulted in reckless borrowing and spending on Main Street, pervasive gambling on Wall Street, and rampant fraud and corruption at every intersection. America’s borrow and spend economy, and the bloated service sector that evolved around it, must be allowed to topple, so that a more sustainable economy grounded in savings and production can rise in its place. Any government efforts to delay the adjustment and spare us the pain will backfire, turning this recession into an inflationary depression.

Hard not to feel that the situation is bleak.

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