October 3, 2008

We’re Saved! We’re Saved!!

Yes, the House of Representatives has rejoined The Regime! We are supposed to believe that the very salvation of the economy has arrived because Treasury is going to float $700 billion or more in bonds (since Treasury does not happen to have $700 billion in spare change) and use the money to purchase a bunch of securities that presently have zero value.

Am I missing something? Since when did the purchase of worthless paper become an act of “saving the economy”? I thought that an economy produces goods that meet the needs of people, not produces goods of no value that people nonetheless pay billions to obtain.

Guess I need to go back to Keynesian School.