Honestly, how long before the New York Times asks for TARP money? Ol’ Pinch Sulzberger will claim it’s morally wrong not to do it on behalf of shareholders (then again, shareholders have never been a major concern for the publishing scion).
I only ask the question to point to how incredibly wrong we’re going about this (by “this” I mean crisis management). Chris Cox notes in today’s Wall Street Journal op-ed that the creation of the SEC in 1934 “marked a deliberate effort to clearly define and separate the role of the national government, on the one hand, and the capital markets, on the other.” A concept about as quaint as having a glass of sarsaparilla around a wireless fireside chat. With deliberations now in Washington centering on just how far the government will go in running the country’s automobile business, it’s fair to say a slight Rubicon has been crossed.