In Obama we mistrust- OPINION, from The National Review.
25/11/2008

OPINION IN BRIEF "One of the main reasons there's all of this 'money on the sidelines' out there among private investors is that Wall Street doesn't know what the government will do next. Will it bail out the auto industry? The insurance companies? Which taxes will go up? How far will interest rates go down? How long will the federal government own stakes in the banks? Will more stimulus checks go out? If so, how big will the deficit get? Interventionists, bailout czars and 'bold experimenters' in all parties claim to be like firefighters; they can't stop what they're doing until the fire is out. This analogy only works if you understand the nature of the fire. If it's a credit crisis, that's one thing. If it's uncertainty, it's quite another. And if the problem right now is uncertainty, then these aren't firefighters, they're arsonists. Treasury Secretary Henry Paulson told Congress he'd spend his kitty of tax dollars on bad mortgage-backed securities. Instead, in the spirit of bold experimentation, he's spent much of it to date buying banks. Obama insisted he had a specific plan for the economy -- but his plan seems to be to 'project confidence.' The problem with this 'In Obama We Trust' approach is that it makes private-sector decision-making very difficult. If your boss says he will lay off half his employees next month, but he doesn't know who yet, will you buy a new house this month? In a time of stability and growth, government can afford bold, persistent experimentation. But in a time of uncertainty, the last thing it needs is more uncertainty." --National Review Editor Jonah Goldberg

 
 
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