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The Government is Patching the Barn Door Instead of Catching the Escaped Horses
Posted By admin On November 6, 2009 @ 4:44 am In Commentary | Comments Disabled
Washington’s Blog 
Friday, Nov 6th, 2009
If all of the horses are already out of the barn, fussing about how to patch the door to fill in a few cracks isn’t really very helpful.
You have to go out and round up the escaped horses. Then – once you catch them – you can think about how to improve the barn.
The same is true with the economy.
The too big to fails are – by their very size and the moral hazard created by the government’s actions – drawing the American economy down into a black hole.
The TBTFs – by their very size – are so powerful that they are making the playing field uneven and warping democracy.
By allowing the TBTFs – even after all of their fraud  and recklessness – to profit through taxpayer bailouts, various guarantees, incentives and other perks, the government is encouraging them to loot  the economy again in the future.
Letting them get so big and powerful was letting the horse out of the barn. Allowing them to stay gigantic is letting the escaped horses go free while arguing over small cracks in the barn.
Similarly, failing to claw back the secret bailouts through AIG and other channels to American and foreign banks – see this , this , this , this , this  and this  – is also letting the runaway horses get away.
Indeed, as derivatives and other financial experts will tell you, the government’s proposals do not even effectively fix the cracks, let alone close the barn door, let alone catch the escaped horses.
For a short example of the patching-the-barn-door-approach, read this short report  from McClatchy on Barney Frank’s overall game plan.
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URL to article: http://www.prisonplanet.com/the-government-is-patching-the-barn-door-instead-of-catching-the-escaped-horses.html
URLs in this post:
 Washington’s Blog : http://www.washingtonsblog.com/2009/11/government-is-patching-barn-door.html
 fraud: http://www.washingtonsblog.com/2009/10/ongoing-cover-up-of-truth-behind.html
 loot: http://www.examiner.com/examiner/x-8198-Economic-Policy-Examiner~y2009m5d4-Nobel-prizewinning-economist-described-the-root-of-the-financial-crisis-in-1993#comments
 this: http://www.washingtonsblog.com/2009/03/35-billion-in-aig-bailout-money-went-to.html
 this: http://www.washingtonsblog.com/2009/09/congressman-grayson-fed-secretly-gave.html
 this: http://www.washingtonsblog.com/2008/09/us-taxpayers-are-paying-to-bail-out.html
 this: http://www.washingtonsblog.com/2008/09/700-billion-bailout-would-fund-private.html
 this: http://www.washingtonsblog.com/2009/06/congressmen-kucinich-filner-no-us.html
 this: http://www.zerohedge.com/article/how-federal-reserve-bailed-out-world
 this short report: http://www.mcclatchydc.com/politics/story/78280.html
 Image: http://www.efoodsdirect.com/gmoPeople.html?aid=14&adid=12
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 LA County health enforcers conduct door-to-door raw milk confiscation operations: http://www.prisonplanet.com/california-food-police-gone-wild-la-county-health-enforcers-conduct-door-to-door-raw-milk-confiscation-operations.html
 Government Leaders Said Bailouts Were Needed Because “The House Next Door Was Burning Down” . . . Were They Right?: http://www.prisonplanet.com/government-leaders-said-bailouts-were-needed-because-the-house-next-door-was-burning-down-were-they-right.html
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