March 28, 2008

The Spectrum on Opinion Regarding the Mortgage Bailout

Posted by Anthony Gregory at March 28, 2008 10:19 PM

On Fox News, about six people argued about whether it should be called a bailout or intervention, as well as other minutia. The "pro-market" commentators that Fox has so graciously added to the world of talking heads, to counter socialist CNN, seemed to agree the government needed to step in, but we should recognize that when it does so, it is not big government or any bailout at all, but rather the market at work. Another point of view was we needed the government to step in, bail everyone out, and that time was a-wasting. The pro-business position was that we needed intervention now, but there is nothing fundamentally wrong with our inflationary economy, so we need not consider any long-term changes.

Not a single voice for true free market capitalism, of course. But at least some of them recognized the Fed was behind the easy credit. There was no apparent consensus on this, however. Maybe next week they'll argue about whether the US government was behind the Iraq war, and then decide whether the government needs to "stay in Iraq, fighting" or merely "maintain an active military presence there."


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