Here is an issue for the 2010 and 2012 elections — the SEC has ruled that the records of the AIG bailout can be closed until 2018. $150 billion handed over to private entities and no member of the public is allowed to know to how and why.
This is how government intervention in the economy ends. Every time it’s a little more blatant, a little more for the private interests that have captured the interventionists appartchiks, until we get here when the regulators join in and the entire crew is able to loot the treasury right out in the open. When people ask me why I object to government intervention that seems like it should work, this is why. This is where it ends up. The only way to avoid it is to not start. At what point can we admit that as bad as doing nothing would have been, it would be as bad as what has and is happening?
P.S. In looking back on how we got to this particular situation, here’s an interesting take on ex-President Bush’s contribution. It’s a tale of a good man seduced by the destructive memes of the MAL.