Wait, do I agree with Bernanke???

I never agree with Ben Bernanke, because I don't believe in the cartel we call the Federal Reserve. Nevertheless, he said something I agree with for a change. So, to give credit where credit is due...

From MISH'S Global Economic Trend Analysis:
"Bernanke Rejects Bailing Out State and Local Governments; A Look at Meredith Whitney's Municipal Bond Call"
http://globaleconomicanalysis.blogspot.com/2011/01/bernanke-rejects-bailing-out-state-and.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+MishsGlobalEconomicTrendAnalysis+%28Mish%27s+Global+Economic+Trend+Analysis%29

"We have no expectation or intention to get involved in state and local finance," Mr. Bernanke said in testimony before the Senate Budget Committee. The states, he said later, "should not expect loans from the Fed."

Bailing out irresponsible states would simply encourage more such behavior. It's enough to make you wonder why irresponsible businesses (GM, anyone?) should have been bailed out.