Wednesday, September 17, 2008
Is it just me, or is the Bush administration's (and, I guess, the Republican Party's) stance on our finance system highly similar to its stance on our health care system? In both arenas, it favors a hands-off, free market approach, assuming that the invisible hand will take care of any problems that arise. When crises do arise (in the form of major bank failures or emergent illnesses), then it's okay for the feds to jump in. That is, federal intervention in the marketplace is only justified at the point when it's at its most expensive. Never mind that some modest regulations or federally-subsidized health insurance could help prevent some of those crises. It's far better to just let things go to hell and then have the government clean up the mess. After all, you can always bail out AIG or go to the emergency room.
Posted by Seth Masket at 9/17/2008 12:34:00 PM