Wednesday, November 12, 2008


I just listened to the Arnold Kling interview at Interviewer Russ Roberts and Kling describe how Wall Street hubris got us into a mess (and all the necessary regulatory tools were there, but not adequately utilized) and how Washington hubris is likely to keep us there. We just got more Paulson ad hoccery this morning.

This morning's WSJ includes "Good-Bye to All That... A cheap cynicism has brought us to disaster. Let's try a little audacity." Audacity sounds much better than Washington hubris.

On the same page, there is "Obama's Car Puzzle ... You have in GM's Volt a perfect car of the Age of Obama -- or at least the Honeymoon of Obama, before the reality principle kicks in. Even as GM teeters toward bankruptcy and wheedles for billions in public aid, its forthcoming plug-in hybrid continues to absorb a chunk of the company's development budget. This is the car that, by GM's own admission, won't make money. It's a car that can't possibly provide a buyer with value commensurate with the resources and labor needed to build it. It's a car that will be unsalable without multiple handouts from government."

Audacity indeed.