Nationalizing Failure

I am not so sure that "financial crisis" is as real or as bad the media and the government wants us to believe. Sure, there is a problem. But, let's just consider the fact that yesterday's Dow dropped 778 points. That sounds just terrible, doesn't it? But wait! When it comes to a PERCENTAGE drop in the Dow yesterday isn't even in the top ten! I don't remember Katie Couric mentioning that fact last night!

I don't know about you, but with every day that passes I'm starting to doubt that this crisis is as dire as they say it is.

The proper answer here is to let private institutions that make bad decisions fail. No government bailout. The only one mitigating factor in favor of intervention might be the Congress' involvement in the Community Reinvestment Act and support for various community groups who used those laws to browbeat private institutions into making bad loans.

The plain fact of the matter is that the Federal Government is in the process of nationalizing failure. Under the ideals being tossed around on Capitol Hill profits would belong to private businesses and losses would belong to the taxpayers.