Let Them Fail

Ive taken awhile to comment on this here, as I am all too aware that my economic education does not extend much beyond One Fish Two Fish Red Fish Blue Fish. I was, however, mightily unpersuaded by the performances of Bernanke and Paulson before the Senate and downright alarmed by the non-reviewability features of the proposed legislation. Then, when I saw that both Larry Kudlow and Megan McArdle agreed that the bailout was necessary, I knew that this was a Really Terrible Idea for sure.

Larison is doing a great job on all of this. I will just add that the arguments by the central Bankers sound a lot like a junkie asking for you to buy his next fix so that he won't have to steal your TV. Pure blackmail.