In the spirit of the holidays, some humor in the face of continuing fiscal malaise is in order. According to this Wall Street Journal "report", Santa is asking for a bailout, claiming Christmas is too big to fail. And no, I am not making that up, this is a real WSJ video. Here is Daniel Henninger, Deputy Editorial Page Editor, on the upcoming winter Wonder Land bailout:
Obviously, the point is simple. As the bailout has grown over $8 trillion in price, another $14 to $34 billion is rather trivial. What is important now is the principals of bailing out failing firms, of coming to grips with the long-term realities of moral hazard, and realizing that we are simply propping up ideas that led to our struggles today instead of letting natural market forces clear out the bad, like the body cleansing an illness.