What bartender has not heard from drunks the same argument that Treasury Secretary Paulson is making to a Senate Committee in suggesting that we can have a critical debate on reform later, what we need now is a bailout? “I will deal with my alcoholism later,” a drunk will plead, “what I need now is another drink!”
Paulson’s approach is just another evasion that will come from this mess. Should a state of “normalcy” return to the economy – whatever that may mean – any effort to suggest “reform” at a later date would be met with the same disinterest as it was when Ron Paul tried to raise the issue during the presidential “debates.” In more comfortable times, Paulson, Bernanke, and all the other apologists for the present system will then respond to the Ron Pauls: “stop dredging up ancient history; we must look to the future.” The last thing any of these buzzards want is a “critical debate” on the policies upon which their system depends! Their “solution” will always be part of the problem previous “solutions” have generated. Their interventionist solution IS the problem! Until that basic causal connection is understood, future Paulson and Bernanke retreads will continue to mouth recipes that provide the classic working definition of insanity: repeating the same behavior over and over in the hopes of getting a different result.
