Is the Government like Santa Claus? Very interesting story HERE by a Financial Times related blog, suggesting that all this bail out of industry and finance may ultimately do more harm than good as industry comes to think that the government is a reliable Santa Clause who will come and bail them out when they want - until Santa has nothing left.
There is a lot at stake and the signs are not good. From the front page of Reuters today, just a week after the auto bailout, these stories:
Post Bailout Chrysler Still at Risk
Commercial Property Seeks Bailout Aid
Jeez, and people say they don't understand GenX or GenY ! The boomers seem to want to have their cake and eat it - and if there are any consequenses, they should be held off at all cost until the boomers are long gone. That seems to be the attitude.
At least Obama seems to be saying the right thing - promote the shift to a greener economy ASAP. I just hope it does not end up like the promises of so many NSW state premiers for so many rail and subway networks for Sydney that have never materialized despite billions spent on new roads and tunnels in the meantime.
ps - another article along a similar vein here on Reuters: Fed Unleashes Greatest Bubble of All