You know, I actually heard a Wall Streeter today say it was because of this--
The latest economic numbers have been good, but not too good.
He explained that they're just soft enough.
To keep the Federal Reserve from taking their precious punch bowl away.
God forbid, they make it on their own.
What this dude was saying is they like the Federal Reserve propping them up. Backing them up. Holding them up.
They like the government help. They want the government help.
What they don't want is any good economic number that might suggest they no longer need the help!
I'm telling you, that's weird.
Rooting for good news. Just not great news.
These guys aren't capitalists.
And I should know. I've been covering them for decades.
Big on talking up free markets.
Not so big on practicing free markets.
Not all. Not even most.
But many. And they risk ruining it for all.
Because you can't rip big government if you're one of the biggest beneficiaries of big government.
You can't say underwater homeowners shouldn't be bailed out, if Ben Bernanke's bailing your ass out day in and day out.
You can begrudge the millions in programs being spent to help them if you're getting 85 billion bucks a month to help you.
Because that's how much the Federal Reserve is throwing out in cash each month to keep interest rates this low.
Good for homeowners, sure. But really good--
For the banks that own their homes and that is for sure.
But I notice this is one little Benny that Wall Street doesn't bitch about.
That help from Ben.
Just the Benjamins going out for others.
So auto bailouts--bad.
Student loan bailouts--risky.
Financial industry bailouts--not risky.
Be consistent. And show some guts.
Either you're for bailouts or you're not.
Either you practice capitalism or you do not.
Laissez faire doesn't mean--only when I care.
Or only when it suits me.
Or rewards me.
I'm against bailouts of any sort.
I was when George Bush bailed out the banks during the meltdown.