Bailout baloney; we need to plug the hole in the hull

Ronald Reagan’s favorite laugh line was “The nine most terrifying words in the English language are: ‘I’m from the government, and I’m here to help.’”

Last week the Fed man showed up on Wall Street, knocked on the door, uttered those nine words and the smartest men on Wall Street bowed down to the ground and worshipped him. They were no longer laughing. They are trembling with fear.

You can join Ronald Reagan and keep laughing, but if it weren’t for the government bailing out AIG, Freddie and Fannie, pumping tons of “liquidity” into the banking system, our economy would have crashed. As Thomas...