Bailout Progress

As The Economist points out, the bailout is working, but not the way it was intended. How is it that all our geniuses in Washington can never remember that people respond to incentives? The banks will do what’s best for the banks, as they properly should. After all, the banks are publicly owned and a huge percentage of the ownership share is in pension funds and 401Ks. Now the government may own a percentage too, reducing the share (and earnings potential) of your retirement fund’s portion. Feel better now?

You can expect more and worse impacts on your retirement from an Obama administration. My, that’s something to look forward to!

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