These government interventions are scaring the heck out of me. I have no doubt if it continues, there will be another great depression. Sadly, a great last line by Dr. Sowell.
Agreed...Dr. Sowell makes it very clear the government interventions are not the thing to do and I’d take his word over anyones.
All that government intervention is purely an inefficient use of resources. Those resources that are being diverted from the real, unhampered, economy to the “bailout” and “recovery” are resources being used to force the continuation of inefficient practices i.e. good money being thrown after bad. It is like shovelling the economy’s resources into an expanding black hole. It also necessarily makes for corruption, especially the giving of one man the plenipotentiary power to dispose fo so huge a sum as 700 bil. It is highly likely, even inevitable that a portion of that money, perhaps a large portion, is finding its way offshore in non inflatable forms, like gold.