Seems Reasonable
Ilya Somin writes in reference to Obama’s likely efforts to deal with the economic recession:
Interest group pressure has already played a key role in the congressional vote on the finance industry bailout, and it is likely to be equally important in structuring the massive future bailouts to come. Once Obama takes office, we are likely to see some $500 billion to 1 trillion in additional bailout spending - and that may be just for starters. Interest groups will play a major role in allocating this money, and they are already ramping up their lobbying efforts.
The end result will probably be an enormous transfer of resources from taxpayers and wealth-producing industries to interest groups with political leverage. That is likely to serve the interests of those groups and of the political leaders in charge of doling out the government largesse. But it will also impede economic growth by transferring resources away from productive firms to those that are failing.
November 26th, 2008 at 8:33 am
I think you’re preaching to the choir - no one here is happy about bailouts.
McCain was pro-bailout too though, so not like we had any choice in that matter.
November 26th, 2008 at 9:16 am
There’s already at least 10 posts about the Obama administration and the “mistakes” they MIGHT make…. Yet, in the years of the blog, there is maybe (and I mean maybe) one or two criticisms of the GWB administration. Does Fox news pay you?
November 26th, 2008 at 9:21 am
I didn’t vote for McCain. Why did you vote for Obama if you are against these kinds of bail outs?
As for criticism of GWB, there have been plenty of criticism of Bush on my site. Although the Bulk of them have come from readers who lean left.
November 26th, 2008 at 10:35 am
You know the old saying: you have to throw money in a hole and light it on fire to make money.