Paul Krugman offers further proof that winning a Nobel Prize damages your brain:
What would a real response to our [economic] problems involve?… it would involve an all-out effort by the Federal Reserve to get the economy moving, with the deliberate goal of generating higher inflation to help alleviate debt problems.
It seems to me that the Fed is already doing what Krugman asks inflation-wise, but, like Stimulus One, it’s just not big enough.
One wonders what an all-out effort would look like? Weimar? Zimbabwe? THOSE were all out efforts to inflate debt away.
Among other things, capitalism is about taking risk. When the government removes all risk from an “investment”, the result cannot be called capitalism. It can be called corporatism, crony capitalism, mercantilism, fascism or socialism, but not capitalism. Such deals are the province of corporatist whores and their government enablers who suspend the rule of law in order to loot the public treasury.
Solyndra “investors” took out a 535 million dollar risk-free loan from you, and they are not going to pay it back.
The Obama administration restructured a half-billion dollar federal loan to a troubled solar energy company in such a way that private investors — including a fundraiser for President Barack Obama — moved ahead of taxpayers for repayment in case of a default, government records show.
Administration officials defended the loan restructuring, saying that without an infusion of cash earlier this year, solar panel maker Solyndra Inc. would likely have faced immediate bankruptcy, putting more than 1,000 people out of work.
“Without an infusion of cash… Solyndra Inc. would likely have faced immediate bankruptcy?” So, instead of 1,000 lost jobs we have 1,000 lost jobs at a cost of $535,000 per lost job, and those whose lost their jobs don’t get the money, the venture huckster-bundlers do.
The “appearance of corruption” is a good enough reason for the Supreme Court of the United States to suspend our First Amendment rights. The appearance of corruption is apparently not a good enough reason to avoid giving free money to Solyndra connected bundlers.
The congresscritters in Atlas Shrugged said things similar in meaning, but not one of them was so dumb as Maxine “Moral Hazard” Waters.
If they [banks] don’t come up with loan modifications and keep people in their homes that they’ve worked so hard for, we’re going to tax them out of business
The ways in which this is stupid are beyond counting, but one has to wonder what is Ms Waters plan if she destroys all the banks. Didn’t we just get done bailing them out?* Are they suddenly too resistant to making more stupid loans not to be forced to fail?
Ms Waters, of course, is the congresscritter who threatened to nationalize the oil companies, “[T]his liberal will be all about socialize [sic]…er, ah … basically, … about the government taking over and running your companies!” One can presume she means the same thing when threatening to tax banks into extinction. The “government taking over your banks and giving them to Fannie Mae.” We know how that’s worked so far.
Even aside from its lack of conciseness, “the government taking over and running your companies,” is not a good euphemism for “socialize.” It is far too straightforward. But Maxine Waters apparently didn’t even get the memo that the proper description of her statist policies is “progressive,” which at least has the virtue of moving the statists away from their appropriation of “liberal.” A word that doesn’t mean what they’ve turned it into.
*Including her husband’s to the tune of $12 million.