If I were President, and someone were giving me this advice, I’d be extremely wary. Not because I think it’s wrong, but because I don’t really understand it. It sounds great. It sounds like a solution. But do I really understand enough to know what the unintended consequences could be, what the risks are? Probably not. I’d have to seek conflicting opinions, many of which are going to tell me this is a horrible idea, and will backfire spectacularly. Then you have the unresolved issue of what irrational people are going to do when they hear of this plan? Will there be a panic?
I’m pretty sure Barry Obama doesn’t know much more about this stuff than most of us do. In fact, I’d wager he knows less. That’s what scares me. I’m pretty sure the vast majority of Congress also does not know any more than any of us. You have to rely on the experts. But who are the experts? And what if they disagree?
I’ll probably never understand why anyone would want to be President during a financial crisis. I think Obama is probably arrogant enough to think he clearly knew how to handle it. My job is deciphering complex technical systems for a living, and finance is one of those things that makes my brain hurt. I have almost no understanding of it, even when people try to explain it to me. Barry Obama’s best gig to date is reading speeches from a teleprompter. Please tell me we’re not totally screwed?
Hat Tip to Instapundit