Government institutions nationalizing private sector firms feed addictions to power equivalent to individual addictions to chemicals or pornography. The only beneficiaries are the patricians who dupe individuals into exchanging personal freedom for perception of material security. The final reckoning is only postponed, but loss of freedom is permanent.
The illusion central planning has value has been partially validated, because the U.S. has allowed the business cycle (driven to extremes by human arrogance and fear) to operate. Free market principles are not economic constructs, but absolutes sourced in human nature.
Proper government involvement means the Federal Reserve, in concert with Treasury and Justice, applies persuasion to private sector firms. Brutal persuasion, just short of torture as condemned by Geneva Conventions, enables private companies to discover programs for market clearing asset prices. They also form new companies absent flagging management and labor attributes.
Whatever financial cost the country must pay now to adhere to principle pales before the later cost incurred, if markets are forced to merely postpone consequences. True solutions reaffirm the inevitability of market forces countermanding human laws, and incorporating risk within all economic activities.
The framers of our Constitution had the intelligence and moral integrity to say this country will promote the general welfare. It did not say the Treasury Secretary would ensure protection of home values, college funds, retirement accounts, life savings, homeownership, corporate wealth, political careers, and union benefits.
Those are all fine words in an academic sense... however, what is going to happen is that if we are sinking into a Great Depression and the unemployment numbers are going to rise up to 25% (as before) — then — all those displaced and unemployed and homeless families are not going to be reading “academic treatises”.... LOL...
They’re going to be voting for politicians that go to extreme measures to get them in a place to live and having food on the table and paying for their kids needs and having a job.
I’m afraid esoteric discussions won’t phase those unemployed and homeless families being kicked out of what they’ve had for years of working faithfully along and paying bills and so on...