The number of people predicting economic armageddon if Congress doesn’t Do Something is expanding on a daily basis. It seems like everyone who CNBC can dig up has this view. I think that is a big part of the problem – our leaders have scared the bejeezus out of investors. Nick Gillespie at Reason’s Hit & Run feels the same way:
So, a couple of weeks into the worst global crisis since the Japanese bombed Wall Street in 1929, what have we learned?
1. That the secretary of the Treasury has a very weak grasp of the market mechanisms he’s messing with.
2. That the fear of a recession, however you want to define it, is enough to throw a heaping load of money at Wall Street.
3. That Congress won’t stop believing that the time for a bailout is always yesterday and that the bailout should include more stimulation than a vibrating bed at a hourly-rate motel, all the better to sell it to the American people.
Read the whole thing.