THE DAILY RECKONING THURSDAY 10/16/08

Nobody wants a financial meltdown; everyone agrees that rapid and forceful state intervention is necessary. Once again, here at The Daily Reckoning , we are like a man showing up at a wedding in a coonskin cap. We’re not dressed for the occasion. Meltdown? What’s wrong with a meltdown? Why shouldn’t bankers fear to lend? Why shouldn’t prices go to what willing buyers and sellers will accept? Why should Wall Street be bailed out? Why shouldn’t investors take the losses they deserve? Why shouldn’t house prices fall rapidly? Why shouldn’t the mistakes of the past five years be corrected quickly, in other words?