Economics

Anything Beats Nothing

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Scary quote from New York Michael Bloomberg on bailouts:

"Nobody knows exactly what they should do, but anything is better than nothing," New York Mayor Michael R. Bloomberg said on NBC's "Meet the Press."

More here.

Insert Challenger-explosion-era joke about "what's this button do?" here.

NEXT: Bill Clinton's Interventionist Legacy

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  1. What an incredible cheese-D.

  2. Does anybody of at least average intelligence expect anything less from Bloomberg? Or Harry Reid, Nancy Pelosi, Henry Paulson, or the hundreds of other pols that met this “crisis” with a mix of interventionist zeal and total cluelessnes. This simply hastens the already certain march toward socialism.

  3. “I said ‘lunch,’ not ‘launch!'”

  4. No situation is so bad that it can’t be made worse.

  5. max . . . so true. Call it a “Crisis of Competence”.

  6. Well, the Paulson interventions don’t even have the ink dry on them, and the law of unintended consequences is already starting to work.

    Over the weekend they realized that if the Treasury department really goes ahead and insures the value of money-market accounts, it will eliminate any reason to hold a regular checking or savings account in an FDIC-insured bank. Money market accounts have to have some element of risk, or they become too attractive relative to traditional accounts.

    So in less than 72 hours one paragraph of the Paulson intervention plan revealed itself to be a threat to the banking system as a whole. A pretty basic threat that despite being basic wasn’t apparently thought of by anyone at Treasury.

  7. Oh, and I forgot to mention: the ban on short sales in financials took one business day to threaten to wipe out regular options trading in those financials, since people who sell options often will short the stock as a hedge. If they can’t make that short they can’t trade.

    So that’s another paragraph of the Paulson intervention plan kicking the guts out of another financial sector.

  8. Fluffy . . . and that ultimately is the point that the few wise folks in this mess are trying to make – the moves that Paulson and Co. are contemplating do nothing but make matters worse. If all risk becomes subsidized, then there is every reason to believe that profit, i.e. reward, will no longer reflect the true value of the market – most investors know this.

  9. This simply hastens the already certain march toward socialism.

    Uhh, what march? We’re already there. Nationalized banking system, nationalized police force (via TSA and HSD Grants for local SWAT thugs), massive wealth redistribution programs, candidates appealing to unity (see: uniformity), and an out pf control foreign policy.

    We’re there, buddy…

  10. I don’t think Mr. Bloomberg is dumb about Wall Street. He and his banker buddies that he was high-fiving all weekend are just happy that the little guy is gonna prop up the party for another couple years.

  11. Did you hear that Christa McAuliffe had dandruff?

    They found her head and shoulders on the beach.

    I can go on…but I probably shouldnt.

  12. I was always taught that “Sometimes nothin’ is a real cool hand.”

  13. I can go on…but I probably shouldnt.

    Yes, you should.

  14. Okay Epi,

    How do you fit 11 astronauts in a volkswagon?

    4 in the seats and 7 in the ashtray.

  15. I said BUD LIGHT!

  16. “[A] nothing would serve just as well as a something about which nothing could be said.”

    –Wittgenstein

  17. Nationalized banking system, nationalized police force (via TSA and HSD Grants for local SWAT thugs), massive wealth redistribution programs, candidates appealing to unity (see: uniformity), and an out pf control foreign policy.

    Well said, except that foreign policy is not really a feature of socialism.

  18. Constitutional amendment needed to repeal The Law of Unintended Consequences. Let’s get on this quick, Washington !!!

  19. Challenger jokes? Too soon!

  20. This simply hastens the already certain march toward socialism.

    Uhh, what march? We’re already there.

    Somebody sent me a funny quote yesterday:
    “No, it’s not socialism. Socialism is when they nationalize successful businesses.”

  21. When in trouble
    Or in doubt
    Run in circles
    Scream and shout

    Which would be a huge improvement over anything that gets enacted.

  22. “Nobody knows exactly what they should do, but anything is better than nothing,” New York Mayor Michael R. Bloomberg said on NBC’s “Meet the Press.”

    Sounds like a typical political type – “Let me lead you out of this mess” (and if there isn’t a real mess, they’ll just cook one up, see AGW – after all, how can they sell big government without a ‘crisis’ to fix).

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