Never Mind…
Via Brad DeLong… Paul Krugman asks a good question…
Via Elizabeth Warren: William F. Buckley discovers the virtues of regulation and calls for government intervention to help fix the mortgage crisis.
If conservative principles are abandoned so easily in the face of a bad economic situation, what was the whole thing about in the first place?
Oh. You thought they really believed all that crap did you? (Well..of course Krugman doesn’t…) This from Warren:
I’m willing to go with Big Bill on his basic idea. Let’s all admit that consumer credit markets need basic safety regulations in place all the time. Without those regulations, we are ALL put at risk, the reckless and the prudent alike. If this economy melts down, it will take us all, and that means we have a collective interest in sensible credit regulation.
Just so. This is the problem with deregulation theology. The titans of business aren’t any less likely to get suckered into some stupid get rich quick scheme then you or I. The problem is when they do it they’re playing with other people’s money…their investors. And more then likely, their investors are also playing with other people’s money. And where does all that money ultimately come from? Banks…bonds…securities…pension and retirement funds…municipal funds… You and I, in other words.
And…hahahaha…weren’t they talking about opening up the social security trust fund to the Wall Street boys just a few years ago…as a way to save it from bankruptcy…?
