Monday, September 15, 2008

Who Gets the Credit and Who Gets the Blame?

Lehman is about to go under. Washington Mutual might not be far behind. Wells Fargo is turning a profit and shows no signs of any distress at all.

Do we blame President Bush for the failures and give Harry Reid the credit for the success? Vice versa? Or do we finally admit that the government can no more "manage the economy" than they can appoint a board of directors that will either ruin a company or bring it profit.

If governments could really manage the economy, then why isn't France, with one of the most managed economies of all, the global economic giant? Do we want to claim that Frenchmen are inherently stupid?

I don't.


B-Daddy said...

But it really feels good to claim that the French are stupid. OK, you're right, but dang, where's the fun in that.

Glad to see the feds just letting Lehman go under. Hopefully, this will concentrate the minds of all the gamblers whose greed got them put in charge of so many of these institutions. I pray for some public humiliation of the CEOs who piled up so much risk, so that these lessons can stay learned for a long time.

Anonymous said...

I like the French... been over there four times. Can't confuse the people and their government..