“Still, the bank bill with its huge bailout does suggest that the $29 billion bailout of the bondholders of Bear Stearns in March was a mistake. It seemed to have a moral-hazard effect by encouraging Lehman Brothers and other investment banks to delay in raising more capital because they too might have expected the government to come to their rescue if times got much worse.”
— Gary S. Becker, Nobel winning economist in the WSJ 10-7-08
And THESE are the words of a SUPPORTER of the bailout bill. Evidently, even mainstream economists concede what less popular economic thinkers have been asserting for decades — that government intervention undermines personal responsibility and economic prosperity. Yet, we must have more of it. Bring on President Obama.