Friday, October 10, 2008

Short-Term Disaster

The Bush-McCain-Obama bailout isn't working in the here and now. The Dow is having its' worst week ever. That's a pity, because short-term success is the only success this train wreck could have achieved.  From CNN's early report:
Stock futures pointed to a dismal open Friday as markets around the world got hammered and General Electric reported quarterly results that were in line with Wall Street estimates.
US markets took a beating Thursday, with the Dow industrials plunging nearly 700 points to a five-year low, as panicked investors dumped stocks.
The unholy trinity of Bush, McCain, and Obama make Larry, Curly, and Moe look like Milton Friedman, Ludwig von Mises, and Adam Smith. Heavy reliance on government solutions isn't breeding confidence in Americans. It seems the people have begun to get wise. Allowing the investment giants to fail would have actually generated greater confidence.

Better be out of the stock market and into gold. Libertarians have taken a lot of ridicule over the years for our economic outlooks, but everything that is happening now was predicted- by libertarian and free market economic analysts and policy wonks. Government isn't working. Maybe it's time to give up on what doesn't work, and to embrace the policy recommended by those who predicted this mess. 

No comments: