Senator Shelby Says: The Truth Hurts

Never been a huge fan of the man from Alabama.  But he had some great words of wisdom at today’s Bailout of the Century hearing:

“I understand the situation is dire.  But so is the condition of the taxpayer… yes, the market is overwhelmed by greed, a lack of oversight… and the bottom line, as I see it, is that you’re [sticking] the taxpayer with it.  I think that’s shameful myself.  I know there are better ways – would it be without pain?  Oh no… but the best – and Chairman Bernanke, I’ve heard you say this – the best disciplinary mechanism we have is the marketplace.  The marketplace will discipline all of us with pain.  But we learn.  I’m not sure people will learn if this goes through.”

Reblog this post [with Zemanta]