The ever-excellent Thomas Sowell:
A bipartisan intervention is virtually guaranteed to be a grab bag of inconsistent policies thrown together in order to get the votes of people with contradictory ideas of what ought to be done...
Of course markets can fail. Everything human can fail. But if Alex Rodriguez strikes out, do the Yankees take him out of the game and send in a pinch hitter for him?
No one would dream of suggesting such a thing. We are far more rational when discussing sports than when discussing politics....
The track record of government intervention is far less impressive than its rhetoric.
One of the biggest problems with government intervention in the economy is that politicians usually have neither the knowledge nor the incentives to intervene at the right time...
Solving short-run problems, especially in an election year, often means creating long-run problems. Pumping money into the economy can help many problems, but do not be surprised if it also leads to inflationary pressures and financial repercussions around the world.
(HT Armchair Economist)
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