DaveTown

Finally, another member of the 1% Club. In case you don’t recall (and why would you, frankly?), membership in the 1% Club is awarded to that very small minority of people in this world who, unlike the rest of us, aren’t full of bovine excrement when they speak and/or write.

Our newest member is CLS, of the blog Classically Liberal, who has brought some sense to the mass confusion regarding the latest government created crisis (which of course, can only be solved by, you guessed it, the government).

Here’s a snippet, but please, do go read the whole thing:

Good God, didn’t this man [Henry Paulson] take a basic Econ 101 course sometime in his life or is he intentionally ignoring market fundamentals for other reasons? First, lets get rid of the absurd idea that this crisis is one of “market failure”. Markets are doing precisely what they are supposed to do — when a good is overpriced markets correct that price and bring it down.

Wouldn’t it be ironic if George Bush ends up being a hero because the government is bailing out all these failing companies to avert a financial meltdown, and John McCain, who was implicated in the last big financial meltdown (for you young folks, it was a little thing called the Savings and Loan Crisis), winds up winning the White House as a result?

So apparently, the only person who has both sense and money in this country is Warren Buffet, because while everyone else is selling, he’s snapping up stocks and companies at a huge discount. He will then wait for the market to move back up again, and sell at a huge profit.

Sure the government is doing essentially the same thing in bailing out the AIG’s of the world, but since the government has no money (it’s OUR money), and isn’t acting out of sense but rather out of election year desparation, I don’t include them in the same category.