There is a propensity for politicians, and in truth all of us, to act hastily when the times call rather for patience and calm.
Sen. Charles Schumer (D-NY), in discussing the Senate’s approval of a bill permitting the Treasury to buy worthless mortgage-backed securities, remarked, “It’s better than doing nothing.”
Not if “nothing” is the right thing to do.
Sen. Hillary Clinton (D-NY), on the same subject, said, “What we are doing here in an intangible way is restoring trust and confidence.”
Perhaps the tangible way the Senate could have helped would have been to stop panicking, and instead to exercise some restraint. Because, from my perspective, an industry that is still trying to sell the same kinds of products that got them into this mess deserves nothing but contempt.
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