Bear markets are difficult experiences, but they provide unique prospects. I believe we will look at the present U.S. stock market valuations as perhaps the best investment opportunity of a generation.
What I and other bailout opponents have been saying is that bailout backers sensationalized a real problem to create the belief that if we didn't do something unfathomably unprecedented, the world would end.
Imagine a world in which Uncle Sam is the monopoly supplier of bananas, in the same way that he is now the monopoly supplier of money; eventually people will become anxious about future decisions of the banana board.
The danger is that politicians, who have little understanding of the financial world, may draw the wrong conclusions from Wall Street follies and make the wrong decisions as they try to revive our financial system.
To get out of the credit crunch, we need a big package of job creation and economic stimulus. To get out of the climate crunch, we need an army of millions of new workers -- and billions in public spending.