Geithner warns of future bailouts
a case of "don't say we didn't warn you" - here is what I think is important, turning a profit! if you borrow from the people but you are able to turn a profit and make them whole, THAT is not a big problem for the people, trust me on this one, you'll get some mumbling and grumbling and that's about it - the economically erroneous perceptions that the people, fed by hysterical media, can sometimes hold as gospel truths must be gently and firmly dispelled with the facts (there was a time when americans had a high degree of capitalist common sense which has been quite tragically lost through public education)
I hasten to add I do not believe in "too big to fail", the whole concept is fascist - in no way do I wish to create the impression that I have found some valid justification for intervention, not at all, I am of the view the country did the right thing in 1819, resulting in swift and painless recovery
ReplyDeleteto read more about it, please do pick this up "The Panic of 1819: Reactions and Policies - Murray N. Rothbard (1962)"
here http://mises.org/store/Panic-of-1819-Reactions-and-Policies-The-P388.aspx