The Investment Bank Bailout

Romney says that the government should buy assets of failed investment banks at "fair market value".

That's just nonsense.

Fair market value is what a buyer is willing to pay. If there is such a buyer then they don't need a government bailout. There's no market for their bad paper. Nobody wants it. An official that talks about fair market value is just telling you he knows where the WMD's are. It's a con.

We don't need a government bailout. But congress is taking the idea seriously enough to be willing to buy into the nonsense by arguing about details. The basic idea is a bad one, not matter what the details.