Tuesday, November 25, 2008

In the "No shit, Sherlock" category....

... comes this little gem out of Czar Paulson [via MSNBC]:

The government, while looking to reduce fear in the credit markets, is eager to see lenders like credit card companies resume more normal levels of lending to help stimulate the economy. Since September, when credit markets first froze, financial institutions have been hesitant to hand over money for fear they won't be repaid.

George Santayana once defined a fanatic as "someone who redoubles his effort when he has forgotten his aim."

This entire mess is a gigantic credit bubble. So instead of facing the fact that bubbles have to deflate, we're just going to keep pumping gas into it, while government rescue teams crawl up the sides looking for six-foot-wide holes and carrying two-foot-wide patches?

To channel George Carlin [what I think he would have said]: "So now the government is going to pay banks to lend money to people who already can't make the payments on the money they already borrowed?"

I really hope the guy who lubricates the printing presses at the Treasury Department has a full can of oil.

[I also feel the first twinges of actual sympathy for Barack Obama--with these morons in charge there may not be an economy left for him to either fix or screw up next year.]

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