Quote of the Day: Jim Welsh, on the Bailout

This take on the bailout, from asset manager Jim Welsh, gets it just about right:

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"We will be told that the Federal Reserve and the Treasury have finally gotten it right. The scope and size of the proposed program will arrest the decline in home prices, restore stability to the financial markets, enable banks to get back to the business of lending, and restore the confidence of the American consumer.

While the program certainly has each of these points as a goal, the amount of time to achieve each goal is unknowable, but an important factor. Moses was told he would lead the Jews to the Promised Land. He didn’t know it would take 40 years. And, in all due respect to Bernanke and Paulsen, Moses was working with God. They are working with Congress."

-Jim Welsh, Welsh Money Management

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Somehow, I don’t see Paulson ior Bernanke as Moses-like figures.

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