WaPo Editorial-US beginning to look like Russia & Argentina

[Anonymous]

Good analysis from someone who's been there, done that.

http://www.washingtonpost.com/wp-dyn/content/article/2009/03/25/AR2009032502226.html

[Anonymous]

Viewing these events has made me uneasy too. The inconsistency and the haste are particularly troubling, and this is true with BOTH the Bush and Obama teams.

Neither Bush or Obama have a good and complete understanding of finance, international banking, credit swaps, economics, or the myriad other specialties mixed into this mess; they are depended on their advisors.

I am increasingly of the opinion that doing nothing at this point is the best course of action. Quit meddling in these markets, let them survive or fail on their own.

The size of the projected deficits, whose ever numbers you use, is simply astounding, and we are just throwing money at the problems, not solving them.

[Anonymous]

"Neither Bush or Obama have a good and complete understanding of finance, international banking, credit swaps, economics, or the myriad other specialties mixed into this mess; they are depended on their advisors."

Well, no kidding. Does any one person know the intricacies of all these things, plus foreign policy, health care and the other myriad of things a president is responsible for? That is why they have advisors?

"I am increasingly of the opinion that doing nothing at this point is the best course of action. Quit meddling in these markets, let them survive or fail on their own."

Thank goodness you are not making the decision on this front.

[Anonymous]

Anonymous wrote:Viewing these events has made me uneasy too. The inconsistency and the haste are particularly troubling, and this is true with BOTH the Bush and Obama teams.

Neither Bush or Obama have a good and complete understanding of finance, international banking, credit swaps, economics, or the myriad other specialties mixed into this mess; they are depended on their advisors.

I am increasingly of the opinion that doing nothing at this point is the best course of action. Quit meddling in these markets, let them survive or fail on their own.

The size of the projected deficits, whose ever numbers you use, is simply astounding, and we are just throwing money at the problems, not solving them.

I think that any crisis begets haste and inconsistency. It is impossible to respond quickly without some of that. But a quick response was what we needed.

If you so value people with a good and complete understanding of finance/economics/intl banking, etc. then you should know that you will find a scarce few of them who advocate doing nothing. So your own view of the solution is at odds with the expertise you think we need.

[Anonymous]

Actually, I don't believe people with a good and complete understanding of finance/economics/intl banking, etc. exist in one person or even one department in our current govt., hence I would prefer to do nothing and let the markets sort themselves out.

[Anonymous]

Anonymous wrote:Actually, I don't believe people with a good and complete understanding of finance/economics/intl banking, etc. exist in one person or even one department in our current govt., hence I would prefer to do nothing and let the markets sort themselves out.

So let me get this right. The economists say take action. The bankers say take action. Pretty much everyone in finance says take action. But because there is no one with perfect knowledge, your preference is to do nothing?

What data is there to suggest that doing nothing is good? Because there is a generation of scholarship on recession/depression that says doing nothing is very, very bad.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Actually, I don't believe people with a good and complete understanding of finance/economics/intl banking, etc. exist in one person or even one department in our current govt., hence I would prefer to do nothing and let the markets sort themselves out.

So let me get this right. The economists say take action. The bankers say take action. Pretty much everyone in finance says take action. But because there is no one with perfect knowledge, your preference is to do nothing?

What data is there to suggest that doing nothing is good? Because there is a generation of scholarship on recession/depression that says doing nothing is very, very bad.

Don't we already have empirical evidence on the consequences of doing nothing? The government did nothing following the stock market crash of 1929 for 4 years. The consequences of the inaction led to the Great Depression.