The Financial Times dutifully reported that this nationalization - the biggest in history - will cost the government $200 billion. USA Today reported only that it put the taxpayers on the hook for "trillions." Asked the question by a reporter, Mr. Paulson, Secretary of the Treasury and the man who should know, replied: "We didn't sit there and figure this out with a calculator."

Thus did he drive the nation into the most dangerous intersection in economics - blindfolded. But did bond investors cover their eyes - aghast at the accident that is about to happen? No, they bought the government's paper! Yields fell. Did the taxpayers cringe and howl, in pain and outrage, at the huge new burthen placed upon them on Sunday night? No again. Of course, a nation that robs Peter to pay Paul won't get a whine out of Paul. But what did they think? That they were all Peters? That they would never have to pony up a cent? But there is the point of collision right there. The taxpayers believe the credit of the United States is an unstoppable force. Investors believe the dollar is an immoveable object. Both believe the United States is crash-proof…and that no one will ever have to pay for its bailouts, its bamboozles, and its busted-up humbugs.

Check your airbags.

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