Amazing

September 08, 2008

The headline this morning :

"Stocks surge following government bailout of Fannie Mae, Freddie Mac; Dow jumps 300 points"

I can't help but be amazed by this. Wall Street is so anti-government involvement in anything. They always cry - "Let the free markets take care of it". They don't want the government to touch anything. Even health care, education, transportation - "Don't let the government get its hands in it. They'll just mess it up and make it inefficient."

So it was when real estate and refinancing was making everyone who touched it rich. No one wanted the government to get involved back then. Now however, that the train wreck is happening - all the free marketers are cheering the move for the government to take over Fannie Mae and Freddie Mac. Amazing!

Don't get me wrong. The financial mess is huge, so at this point, maybe it is unavoidable. It just strikes me as amazing how hypocritical wall street can be. Cheer free markets and bash government when they're all making money hand over fist. Stand by and let government bail them out when things go south.

-- Greg