David Kirkpatrick

November 28, 2008

Will the bailout steal Xmas?

Filed under: Business, Politics — Tags: , , , — David Kirkpatrick @ 11:14 pm

Maybe in a grinchlike fashion.

Here’s one opinion from Cato-at-Liberty:

What do people do when they’re scared about the state of the economy? They stop spending. With each new government “investment” announced by our new overlord Hank Paulson, Americans are going to clutch ever more fiercely at their wallets. They will eat out even less than they’ve been doing. They will rediscover the true spirit of Christmas and give each other hugs instead of Blue-Ray disc players. They will forgo that new coat or pair of winter boots. And they will bring the U.S. economy to a halt.

I do have to say this is a little more chicken-little than I prefer, even though I’ve been pretty gloomy about all this corporate socialism myself. The point is well-taken. The media deserves some blame on the coverage, bloggers (including me) deserve a little blame for continuing to harp on the subject, but at the same time some very wise money managers I know have basically all taken their winter nuts and buried them deeply underground for the duration.

To expect anyone else to do otherwise is not fair and more than a bit foolish.