Normally, I’m entirely on board with the theory that “that government is best which governs least.” Normally, I fear last minute bail-outs, especially those from a Democratically-dominated Congress.
But the world economy is a different animal. When thinking of it, it’s worth thinking also of Roosevelt’s warning that “the only thing we have to fear is fear itself.” Markets are information-based. Fear itself is sufficient to destroy a market. I worry that, based on fear, if Congress doesn’t “look busy” quickly, world markets will collapse when Monday’s trading opens, starting an irreparable downward economic spiral. Even if the plan is a lousy plan, and just expensive window dressing, it may have value if it staves off fear.