So the latest in the snowballing bailout boondoggle is Uncle Sam’s new stake in Bank of America, to the tune of $20 billion.
A great recent essay in the Wall Street Journal suggested that the long overdue movie version of Atlas Shrugged is now moot because it’s actually playing out before our eyes, but I have another comparison.
So the government thinks it can spend its way out of reckless debt? There was a season five episode of The Simpsons called “Homer the Vigilante,” at the end of which a group of Springfield residents find themselves stuck at the bottom of a deep hole they’ve dug in the ground. Desperate to get out, Homer comes to the rescue with this brilliant idea: “We’ll dig our way out!” So they start shovelling with renewed vigor.
But the real punchline comes a minute later when, irritated by the lack of progress around him, police chief Wiggum tells everybody, “No, you have to dig up, stupid!”
And isn’t that what the government’s really trying to do here? Dig up?
Good luck with that.