The Motley Fool's worst idea yet
If you haven't read it, read it here. This is dumber than recommending Select Comfort four times. They're actually telling us to demand that our congresspersons nationalize the banking industry. What's next? A burning of balance books? A fire in the U.S. Treasury? Renters having to wear insignia on their arms showing how unpatriotic they are? A night of broken IRA's?
Nationalism and socialism (and Nationalist Socialism) are not what America needs right now. Freedom and patience are what America needs right now. The last time government intervention and a curtailing of freedom helped an economy was... well, never.
It's not just offensive to our senses that our government would step in to ameliorate the effects of the bad risks taken by men with 9-figure incomes. It's not just wrong that they never did anything unwise, because they knew they would be taken care of by their boys Bernanke and Paulson if anything were to go wrong. It's unhelpful to the economy to preserve failing companies, no matter how many retirement accounts, credit card lines, and insurance policies are tied to those companies.
If you're a small-minded liberal, angry at the injustice of gov't rescuing rich people, you are too small-minded to see the danger of letting those companies fail. However, if you are hell-bent on saving those companies, so as to prevent any serious injury to the economy, you are still too small-minded. The worst times for an economy are when it sees its greatest innovation. If we were to throw open the gates of commerce, stop handing huge advantages to big corporations in the form of regulation and injust taxes, and trust in free people and entrepeneurialism to overcome the hard times ahead, we would recover faster than anyone thinks possible. We would see economic growth that Bill Mann is on record as saying is impossible for us.
Freedom works every time it is tried. The problem is, it takes guts to try it. (Not to mention that everyone is a genius and thinks "I'm too smart to believe in a simple thing like freedom!") That's why we didn't try it any time between 1929 and 1981, and why Clinton had to be forced to try it in 1995. We just don't like things that are scary, and we don't want to be left out when everyone is talking about their sophisticated, complex ideas. For instance, the bailout.