Quick, what is the most feared line ever uttered? Answer: “I’m from the government, I’m here to help.”
My local newspaper had the headline this morning “Markets unravel at home, abroad”. (DMN October 7). Yesterday on various news shows, both radio and TV, local and national, the reporters expressed the same shock and disbelief that the announcement of the Bailout Bill didn’t stop the market slide.
Knowing the left leanings of the press it should no longer amaze me they did not understand the market’s failure to jump for joy at the news that Congress was here to help The press is gleeful of government intervention and can’t fathom why the public reacts with trepidation. The fact is Congressional intervention means new laws, more paperwork, new and greater oversight, along with ‘diversity goals’ (quotas). Almost always the cost of government help is never worth the benefits.
Please remember, billions of government dollars were spent on Katrina yet New Orleans is still a mess. While somehow Iowa bounced back after the Mississippi flooded farther north.