Quote Of The Day
Ahh, that veritable font of blogging material, Kevin Drum:
And yet, to a large extent, governments are merely responding to the wishes of the public. It’s a simple fact that the average Joe (or Dieter or Emile or Carlotta) believes pretty strongly in folk economics — low inflation, a strong currency, and balanced budgets — and decidedly doesn’t believe in bailing out people who aren’t them. On the latter front, this applies both to Germans who don’t want to bail out Greeks and Americans who don’t want to bail out underwater homeowners.
Apparently the problem in the world is that we’ve been listening to the folk economists, and following policies of low inflation, a strong currency, and balanced budgets. Damn our fiscal solvency getting us into all this trouble!