I like the idea of money being spent on companies that make something other than money, that produce a product other than a financial instrument, and maybe even putting a halt, even temporarily, to the incredible, screaming descent in which we are now engaged.
Finally, I don’t believe anybody’s analysis about anything, frankly. A couple of weeks ago, people were ridiculing the idea of simply printing more money to stablize the economy. Stupid! Boneheads! Simplistic boobies! Yesterday I read a Nobel Prize winning economist who suggested we do precisely that, and cited several excellent sources for his view. He may be right. He may be wrong. Who knows? I do know one thing. I know that nobody knows.
In short, there’s no opinion out there right now that’s worth more than any other. If ignorance was bliss we’d all be tap dancing down Wall Street.
And when it is, our bailout of Detroit will be remembered as the equivalent of pouring billions of dollars of taxpayer money into the mail-order-catalogue business on the eve of the birth of eBay. It will be remembered as pouring billions of dollars into the CD music business on the eve of the birth of the iPod and iTunes. It will be remembered as pouring billions of dollars into a book-store chain on the eve of the birth of Amazon.com and the Kindle. It will be remembered as pouring billions of dollars into improving typewriters on the eve of the birth of the PC and the Internet.
In a Op-Ed piece in the NYT, Pakistan President Asif Ali Zaradari boldly contends that Pakistan is suffering just as much at the hands of terrorists. In fact, he argues the resource drain is much harder on Pakistan since it has to house, feed and train them as well.
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