Some politicians really care about the bailout plan: precisely, 54% in campaign contributions more than those who voted ‘no’
In the ludicrous atmosphere of platitudes, slogans, and cliches, we certainly hear plenty about how the boys in Washington are off drafting a bailout, er, rescue, err, investment to save the U.S. economy. Yes, I’m sure Barack Obama and John McCain have some idea about how to spend $700 billion that doesn’t even exist – at least more than those banks do! And what about That Congress? Why, nothing but the amassed intellectual wealth of America, legislating for the common good.
This is how the government ‘protects’ the economy. The empirical evidence is in: large corporations don’t spend money for nothing.
But hey, "more regulation" and "the government needs to do something" are the calls of the day, especially among those young people. I wonder if they’ve noticed our national debt lately, have considered the notion of legislative corruption and regulatory capture, or thought about how a bailout might encourage companies to undercapitalize, even decades into the future, allowing them to play the upsides of risky investments and letting taxpayers take the rest. Oh wait.
The government should totally do something, like really.