Thu Sep, 25 2008
A Toss
"The conventional wisdom is settling in: It's awful, and terribly un-conservative, to nationalize a big lump of the financial industry, but the alternative is too awful to contemplate.John Derbyshire pissing into the wind, bless his heart. The clamor is horrifying and no more so than knowing when the times are turning right in front of you on hinges of principle so heavy that you're amazed how few can see it. And the whole gag is made for the times: it skids along on people whose perceptions of light are conditioned under its enormous shadow and who, with their heads down on the day-to-day beat, almost never look to the horizon.
Baloney. It may be politically too awful to contemplate, i.e. hazardous to the well-being of our political class, but that's the kind of short-termism that got us here. Once this thing is done, it's done, and the dollar is a few inches closer to being a Soviet rouble. The conviction that government will always bail out a financial catastrophe will be factored into all future trading and financing decisions. Down the road — in the time of our children and grandchildren — this will have consequences far worse than a 5-year deep recession."
"If your children ever discover how lame you really are, they'll murder you in your sleep."
(Frank Zappa, 1966, "Freak Out")




