My occasional “Least Objectionable Legislator Award” (no prize) takes a detour today and goes to a bureaucrat instead. So the LOL Award (pun intended, I guess) is temporarily the Least Objectionable Bureaucrat Award.
The U.S. Federal Deposit Insurance Corp. Chairman, the alarmed Sheila Bair, sounded the warning that the government must devise an “exit strategy” for the bailout.
I regard the lack of an exit strategy as a feature built into every government program. She does not, however, and that’s commendable. But, she’s helpless, as the United States is no longer governable in any normal sense; However her plea is worth repeating to a deaf world:
“We really need to think through the exit strategy because (government guarantees) could become a crutch,” ….Weaker financial institutions “need to be allowed to fail,” Bair added.
The government needs to decide which banks and other institutions receive the financial support, and eventually, “How do we get out?”
Too often, a small step back for government is needed for there to be a giant leap for mankind. Her feeble warning isn’t much given the torrential pro-unlimited-bailout hailstorm coming out of Washington, but I’ll take it.