Not in an election year (or any year)

Caroline Baum writes this towards the end of her newest Bloomberg column:

Today's economic and financial crisis would resolve itself more quickly and efficiently if the government got out of the way. Yes, there would be pain. Some banks would fail. Others would clamp down on credit to atone for the years of lax lending standards. Homeowners-in-name-only would become renters. Housing prices would fall until speculators found value.

And this:

We want laissez-faire capitalism in good times and a government backstop against losses in bad times. It's a tough way to run an economy.

Some years ago -- long before the housing crisis -- Jim Grant wrote and spoke of the "democratization of credit" and the "socialization of risk."

Politicians and policymakers didn't listen to Grant then. And they won't listen to the likes of Baum now. Especially in an election year.