Bailouts: Focus on Economics, Not Politics

I have been more critical than most about the absurd cost of the bailouts. But I have avoided posting on the so-called “tea parties;” Despite myriad invitations, I sure as hell won’t join one.

Why? The main reason is that they are mostly exercises in partisan politics — as opposed to a true focus on the real problems issues of the bailouts: The absurd costs, the moral hazard of rescuing bad companies, the foolishness of rewarding incompetent managements. etc..

I haven’t discussed it much, because like most modern politics, it has morphed into mostly nonsense. The most recent tea party hypocrisy, however, demanded my attention.