With people from all sides calling for increased government intervention in the wake of the subprime meltdown, we've found a surprisingly intelligent viewpoint coming from an unlikely source: Vice President Dick Cheney.Full Disclosure: I would be hard pressed to think of three nice things to say about Mr. Cheney. I apologize to the three people reading this who have some modicum of respect for him. But he may be on to something in his reaction to the subprime mess.
Here's what he told Fortune: "The fact is, the markets work, and they are working. And people -- some of the big companies obviously -- have taken risks. Risk means risk. And there's an upside as well as a downside in some of the choices they've made. We have to be careful not to have this set of developments lead us to significantly expand the role of government in ways that may do damage long-term for the economy."
I actually think Cheney's right. Think about the message a bailout would send: "Speculate wildly and profit handsomely if it goes well. If it doesn't, Uncle Sam will be in to bail you out."
What's next? Sending in federal officials to reimburse gamblers who lose at the craps tables? It's good to know Cheney wouldn't expect the Government to step in should the war profits his former company Halliburton Co. (NYSE: HAL) is enjoying suddenly take a plunge. No danger of that!
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Reader Comments (Page 1 of 1)
11-26-2007 @ 5:11PM
Travis said...
With the housing a mess, and the stocks shaky, where do people see themselves investing? At least Google has come back up a bit after its MAJOR sell-off. http://www.tekbite.com/2007/11/google-rebound.html
11-26-2007 @ 5:20PM
Chaz said...
I don't get it. Did'nt the lenders know at the time, that these borrowers,at least a percentage of them, would not be able to pay them back,but gave them the money anyways in the hopes that the Government would rescue them.I always thought business people like this had brains. I guess greed stepped in,and what brains they had turned to mush.
11-26-2007 @ 5:40PM
KGar said...
Slight oxymorn there, you mentioned Cheney and wisdom in the same sentence.
11-26-2007 @ 6:09PM
SPacificGrove said...
"Words of wisdom" from the Halliburton chief/Vice President Dick Cheney?? You must be joking. Here is a man who has overseen the largest increase in government spending as well as the biggest expansion in the federal government in modern times. However, when it comes to bailing out one of his catastrophic blunders of all times: invading Iraq and our subsequent occupation, he is willing to throw literally trillions of taxpayer dollars at this fiasco. This man has no wisdom......
11-26-2007 @ 6:33PM
Martin Jeffries said...
MOMMY AND DADDY TO THE RESCUE... A SIGN OF OUR TIMES.....
11-26-2007 @ 6:48PM
pjmducks6 said...
I agree with Cheney, hedge funds and investment banks Should be allowed to play Casino Royale with the world economy! If they win - they win, if they loose - everybody looses. Why wouldn't everyone want to be an investment banker or hedge fund manager?
11-27-2007 @ 5:48PM
Steve in Denver said...
Shame on Mr. Bissoinnette. Writers are supposed to be objective. His disrespectful comments about Mr. Cheney discredit him as a serious writer. And another thing. When Mr. B has achieved even a slight modicum (I'll make it easy...1/100th of 1%)of what Mr Cheney has achived have him call me and I'll apoligize.
12-05-2007 @ 10:44AM
Matt said...
Not sure where you got the idea that "writers" are supposed to be objective. I would say there is a continuum on which some writers are more "objective" and at the other end some are completely and unabashedly editorialists. Most blogs and things written by people in the stock market scene, definitely tend towards the latter. There is no shame in editorializing, especially when his bias is fully disclosed.
11-27-2007 @ 6:44PM
collard said...
The last 7 years of prosperity were all based on
cheats and fouls. Real estate agents have never
been any good and now they are all but useless.
Auctions with big ads. NO ONE THERE to show
property and the phone answers in Utah for
Oregon property. This is all a mess caused by
people who dont want to work. Our country has
now proved Louisiana was no surprise. We cant seem to handle anything or manage anything.
Alot of people will get what they deserve. Lazy and
stupid usually ends poorly.
11-28-2007 @ 12:03PM
evelyn said...
Zac,
Have you ever owned your own company and met a payroll? I bet not. I bet the govt. makes sure your employer supplies you with health insurance and retirement, like it's your God given right.
Shallow, shallow. BLOG is a good word for what you people do. Bummer Little Opinion Guru
12-05-2007 @ 10:44AM
Matt said...
Can't speak for Zac, but I for one would be glad if the government didn't actively entitle me to anything like its my God give right, except of course my real God-given rights. Just because the government screws somebody else to help my situation, doesn't mean I should be appreciative.