President Barack Obama had more stimulating words this morning:
He said “we’ll help lower mortgage costs and extend loans to small businesses so they can create jobs.”
Dependence on bailouts is growing almost as fast as the cash infusions are proving to be inadequate. It’s hard ,therefore, not to imagine that once we start giving out “job-creating loans” we will soon need a fresh crop of bureaucrats to run something like a permanent Federal Office of Job-Creating Business Loans.
Of course, that would amount to job creation, wouldn’t it? Even John Maynard Keynes is spinning around in his grave thinking about this one.