TMFBent: teh Arch Conservative
December 04, 2007
– Comments (11)
Yup, this bike- and mass-transit riding, Suck-V hating, Carleton-college going, Mizzou J-school going, Bush-bashing, Bernanke-baiting, Paulson-pounding, stock market observer has been dubbed a "conservative," by Huffington Post blogger Danny Schechter.
But one of them actually did off some analysis by a conservative who, this is rich, compares the supercapitalist Paulson to a communist. Seth Jayson, writing on the financial website Motley Fool called it "a plan to punish the public," and a reminder that there are away unintended and unspoken of consequences of governmental intervention in the affairs of the holy sanctum of the market:
Whole thing here.
I appreciate the attention, Danny, but the pigeon-hole doesn't exactly fit. Expecting Wall Street honchos to leave the market alone when it turns bad for them and their buddies is neither conservative nor liberal -- it's just fair. But it's a lot more than that. A market that's all carrots and no stick is a market that will not efficiently allocate capital. It's a market that will chase one asset bubble, then another, then another, ultimately wasting trillions of dollars, rather than putting it in places where it can build our country by (gasp) generating real returns on investment.
Greed is real. Greed is powerful. That's why I believe in letting the markets sort things out, even and especially when that means overextended speculators have to take their lumps.
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