September 25th, 2008



Нашел занятный текст Рона Пола по поводу драмы момента Не удержался и послал его некоторым друзьям, расчитывая посмеяться при случае. Получил неожиданно резкую реакцию, свидетельствующую о нешуточном накале страстей.

This sort of thinking is populist and Jacksonian but hardly wise. To my mind it is akin to shooting yourself in the foot and then taking pains to carefully re-load and shoot yourself in the other one. I only hope all those who may finally succeed in torpedoing the rescue of our economy have equally clever words when the credit markets dry up and we end up with zero growth for 20 years like the Japanese in the eighties, or far worse. I fear the drive to punish the miscreants and malefactors will be an instance of understandable but regrettable emotionalism; to be avoided by mature adults. One way or another the toxic debts or mired assets on the ledgers must be liquidated before sane regulations and a regime of scrutiny can guide the credit market from its excesses and return the economy to growth, hopefully via public investment with infra-structure and energy alternatives at the lead. But opting for the purism of literalist Constitutionalism, nativism really, seems unwise to me.  I say it’s doubtful there are wiser heads than Paulson and Bernanke to put at the helm just now and we’re fortunate they’re trying to pilot the ship even as the men on the black watch and the jackals nip at their heels.