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Posted at 12:04 PM on Thursday, October 02, 2008 by David Horowitz
Many people are still talking through their hats (yeah, including me).
But here's an interview with Warren Buffett about the nature of the economic problem that confronts us. It's not about Wall Street; it's about the economy. The problem is liquidity and we are all at risk. The problem that created the problem is markets that were both over-regulated (guaranteed risk) and under-regulated (unlimited leveraging of bad mortgages) allowing greedy actors to spin out of reality and out of control. A bad loan problem could have been contained if the bad loans were not used as leverage for buying and lending. To sum up: The problem we face now is one of stopping the bleeding so that the whole economy doesn't shut down, put people on the street and send us into a depression -- something we haven't experienced since the 1930s. That's what the bailout bill is about. It's a bad bill (when has government passed a money bill that is not bad?) but that doesn't mean it's not a necessary bill. There are complaints that the people who got us into this mess are now going to make the rules about how we are to get out. Correct. But what other option is there? If it works, even if it's a bad bill (and it most certainly is), that'll be good.

David Horowitz is the founder of The David Horowitz Freedom Center and author of the new book, One Party Classroom.

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