A Sad Day

While I’m not at all surprised, I’m still pretty upset by the passage of the bailout bill today.

I’m with Arnold Kling on this (please follow the link and read his thoughts and two recent articles about it).

I’m also with Steve Horwitz that this was a problem of bad regulation rather than under-regulation.

I’m trying to find a silver lining, though.

Perhaps we can finally put to rest Naomi Klein’s idiotic Shock Doctrine theory that crises are exploited to foist free-markets on people. The truth is that they’re almost always used to further attack free markets.

I hope this attack isn’t fatal.

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