This is not really another bailout post; it’s just a short pause to notice something that we should probably think about later, when we have more time and better concentration.
I think it was Groucho Marx who said he wouldn’t belong to any club that would have him as a member. Joseph Heller used the same circular logic to comic effect in Catch-22:
There was only one catch and that was Catch-22, which specified that a concern for one’s own safety in the face of dangers that were real and immediate was the process of a rational mind. Orr was crazy and could be grounded. All he had to do was ask; and as soon as he did, he would no longer be crazy and would have to fly more missions. Orr would be crazy to fly more missions and sane if he didn’t, but if he was sane he had to fly them. If he flew them he was crazy and didn’t have to; but if he didn’t want to he was sane and had to. Yossarian was moved very deeply by the absolute simplicity of this clause of Catch-22 and let out a respectful whistle.
“That’s some catch, that Catch-22,” he observed.
“It’s the best there is,” Doc Daneeka agreed.
In much the same way, it seems to me there is something at least paradoxical, and perhaps self-contradictory, about spending unprecedented amounts of public money to shore up institutions so large that in better times we would rather have expected to see them get attention from antitrust authorities. Read the rest of this entry »