'In essence, Paulson and his cronies turned the federal government into one gigantic, half-opaque holding company, one whose balance sheet includes the world's most appallingly large and risky hedge fund, a controlling stake in a dying insurance giant, huge investments in a group of teetering megabanks, and shares here and there in various auto-finance companies, student loans, and other failing businesses. Like AIG, this new federal holding company is a firm that has no mechanism for auditing itself and is run by leaders who have very little grasp of the daily operations of its disparate subsidiary operations.'
If this global economy depends on a few big firms, or for that matter, if it depends completely on the ongoing intervention of the Federal Reserve System, the U.S. Treasury, and the U.S. Congress, it is a house of cards, and we might as well start stockpiling arms and ammunition.
Being that I am not planning my escape to the mountains and the logistics of survival, I hope I'm not a fool and that my faith in the Invisible Hand is vindicated. I must say that I have more faith in the Invisible Hand than I have in any U.S. official or institution.
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