A Quote by Andrew Ross Sorkin
The failure of Lehman may have allowed the government to do more to prop up the economy than it otherwise could.
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In truth, in the fairy-tale version of bailing out Lehman, the next domino, A.I.G., would have fallen even harder. If the politics of bailing out Lehman were bad, the politics of bailing out A.I.G. would have been worse. And the systemic risk that a failure of A.I.G. posed was orders of magnitude greater than Lehman's collapse.
No one suggested Lehman deserved to be saved. But the argument has been made that the crisis might have been less severe if it had been saved, because Lehman's failure created remarkable uncertainty in the market as investors became confused about the role of the government and whether it was picking winners and losers.
When I left my job at Lehman Brothers to start a company, my best friend's mother said, 'How could you leave a sure thing like Lehman to do a silly carpool startup?' That was three months before Lehman went bankrupt.
My mother always taught me that two wrongs don't make a right. We shouldn't bail out Wall Street. We shouldn't bail out Detroit. It will cost the economy more than the cost of the bailout which is more than the politicians think. We'll run into the hundred of millions to prop these companies up.
Solyndra's failure isn't a reason for the government to give up on alternative energy, any more than the failure of Pets.com during the Internet bubble means that venture capital should steer clear of tech projects.
Efficiency in government is a more elusive concept than efficiency in the private economy, which may be measured relatively easily as output per units of input. What is the government's 'output?'
The Tea Party folks may be sincere, loyal citizens, but their notions about how the economy works are exactly that: mere notions. Their core notion is that government needs to do nothing more than get out of the way of business in order for the economy to boom and bloom.
A growing, vibrant economy solves more problems than any government giveaway ever could.
The beach game taught me great lessons about how to elevate the play of my teammate, or teammates, and how to anticipate and expect the ball so much more than the indoor game ever could. It taught me - even forced me - to be a much better all-around player. That allowed me to help our USA Olympic Team in many more ways than I ever could have otherwise.
I'm not against government involvement in times of need. I am for recognizing that big public companies will continue to cut jobs in an effort to prop up stock prices, which in turn stimulates the need for more government involvement.
If Lehman Brothers had been a bit more Lehman Sisters ... we would not have had the degree of tragedy that we had as a result of what happened.
We'll support the government on issues if it's essential to the country but our primary responsibility is not to prop up the government, our responsibility is to provide an opposition and an alternative government for Parliament and for Canadians.
I love bad comedy more than I love good comedy, so I love open mics. Or I used to. But the thing that delights me more than anything else in an open-mic performer is when the comic has one joke that requires some kind of prop. But only one. The prop is always produced very awkwardly, and it never, ever pays off. The resulting embarrassment is savory and delicious.
Government is not a solution to our problem, government is the problem. ... Government does not solve problems; it subsidizes them. Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. If it stops moving, subsidize it. ... The problem is not that people are taxed too little, the problem is that government spends too much.
You can learn more from failure than success. In failure you're forced to find out what part did not work. But in success you can believe everything you did was great, when in fact some parts may not have worked at all. Failure forces you to face reality.
The Great Depression was not a sign of the failure of monetary policy or a result of the failure of the market system as was widely interpreted. It was instead a consequence of a very serious government failure, in particular a failure in the monetary authorities to do what they'd initially been set up to do.
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