James Pethokoukis
Politics and policy from inside Washington
The face of fear
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Scott Grannis, the Calafia Beach Pundit, think market fears have ebbed, but they may not return to previous low levels:
Some of the lost ground may not be recoverable, however, and that would be the portion attributable to misguided policy actions of the Bush administration (e.g., the Paulson/Geither bailouts), and the Obama administration (e.g., the $800 billion stimulus package, the Chrysler takeover, the trillion-dollar-deficits budget, and more recently the cap and trade bill, all of which were rammed through with the mantra “there’s no time to look at the details, just vote yes”). These policy actions all share two dreadful features: they dramatically expand the scope and power of government, and they promise a significant increase in future tax burdens. And that, in turn, means that the future growth prospects of the U.S. economy have been diminished. Profits will be less than they otherwise might have been, and living standards will be less than they otherwise might have been
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The real fear is not only in Government spending and rush to actions, but also in the growth of police agencies within the Government. For all you “head in the sand ostriches” may I recommend that you read “The Bridge and Andau” by Michener. It is my fear that we are going down the same path as the nation of Hungary.