They can't all be wrong - or can they?

I have read a similar analysis in a fiscally conservative but socially liberal magazine, a rather middle of the road newspaper and a decidedly left wing news outlet, that the ongoing nature of our economic woes, despite the bailouts across the world, are evidence that the bailouts didn’t work.

I say nonsense to that! And wow, would things ever be a disaster if if they had done nothing.

I see these results of evidence that, had governments reacted as they did 75-80 years ago, we would quite likely have faced a Depression-like outcome. As it stands, we can take comfort in that it is not nearly so bad: we’re only looking at the worst recession in the industrial world (possibly) since world war 2, rather than one that is on par with the worst recession ever.

The argument that the present status of the economy is evidence that bailouts don't work brings the following picture of a literal bailout to mind (and if I were an artist of any sort, I would surely offer up an actual visual rendition of it).

Two sailors in a rapidly sinking boat with sharks swirling around... One of them is bailing water for all he's worth, and says “I’ve got this covered for a minute. You mind figuring out how to patch things up?” The other stands by idly, saying “I can`t see why he even bothers. With all this water left in the boat, he’s wasting his time.”

Hey, we need to let the shitty boats sink sometimes, but when the whole fleet springs a leak at the same time, it would be pretty stupid to take ongoing problems as evidence that all the bailers should be sent packing.