Mark Steyn on the Bailout

Despite a few convincing arguments for the bailout, implementation will be a bear. For this thing not to cause worse problems 10 years from now is highly improbable. Mark Steyn has an observation about he bailout and political elites telling us of impending crisis.

As a general proposition, when told by unanimous elites that a particular course of action is urgent and necessary to avoid disaster, there's a lot to be said for going fishing.

Just look at the recent results on global temperatures:

The four major agencies tracking Earth’s temperature, including NASA’s Goddard Institute, report that the Earth cooled 0.7 degree Celsius in 2007, the fastest decline in the age of instrumentation, putting us back to where the Earth was in 1930.

Global warming hype was far overblown. It was only useful insofar as people and businesses increased their energy efficiency in cost effective ways.

It is problematic about the bailout that people are declaring with glee that the free markets have failed. This is not a free market failure; it is a failure of government being too generous with other people's money. Had the free markets been allowed to assess risk normally without government intervention, there would have been no subprime or alt-a loans. In turn there would have been no real estate bubble.