Thursday, August 28, 2008

Federal deposit insurance fund

is seriously underfunded.

This is another case--on a huge mound of cases--that demonstrates that government solutions, even led by private sector stars like Hank Paulson, underperform private solutions.

Government is good for many things: protecting individuals, protecting individuals' rights, funding infrastructure and research that are not addressed by the private sector (for example, the Louisiana Purchase and the Internet).

Government is not good for managing people's money, health care, and education--the markets are outperforming government agencies in these areas. We are paying for Social Security once, but the surplus is being embezzled for other programs, so we will have to pay for it yet again. Medicare is also underfunded, and provides neither new solutions nor cheaper solutions to the sick. And as great as a public school is--say UC Berkeley--there are many preferred private schools who provide better education and also better research.

I would love to see our government play to it's strengths, and get out of sectors where it is preventing people access to better alternatives.

UPDATE: Wal-Mart to the rescue. Again.

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