More Shit Explained

Everybody wants bailouts. Worse, the expectation of bailouts means that few preventive measures will be taken. It's called moral hazard. We see this at work in California. Already de facto bankrupt, nobody gives an inch. No lower government spending, no lower government wages, no reduced government employment, no higher taxes. Why compromise? The Fed will not let California go broke. Or the auto companies. Or the universities. Or the banks and insurance companies. Or millions of households.

There is not enough money to bailout everybody. Triage will be necessary, like Kate Beckinsale does with lipstick on the foreheads of the wounded at Pearl Harbor (one of the saddest scenes in the 2001 movie).
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Those who will die anyway: no treatment.
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Those who will recover anyway: no treatment.
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Those will will recover only with treatment.

Making these harsh decisions might be Obama's greatest challenge.
(Stolen from Defense and National Interest editorial staff)