Deck chairs on the Titanic

An interesting analogy goes a long way toward explaining Main Street skepticism on the bailout package.

Think of the mortgage securities market as a poker game being played on a ship. The game is grinding to a halt, because so many players have lost most of their chips. So they come out on deck and shout, “Emergency! Emergency! The ship is about to sink! Everybody needs to give the ship’s Bursar authority to play poker, using money from the ship’s vault!”

It’s not clear that the ship is sinking, or how reviving the poker game would help if it is.

Indeed.

Hat tip: Positive Liberty

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