Wednesday, November 12, 2008

For a really spectacular mess you need government

Russell Roberts-
Seanooski comments:
It's still amazing to me that we just had an election where both candidates promised more intervention in the economy, because the market just wasn't grown up enough to handle being "free". By "free market", they must mean politically driven lending practices, price fixing in labor markets, price supports in agriculture, tarrifs in steel trade, illegals relegated to permanent underclass, artificially low interst rates, government enforced monopolies, and fake money.

This needs to be said over and over again just like we need to remind people that the Great Depression wasn't caused by laissez-faire.

That doesn't mean that free markets are perfect. Or that you can't have bankruptcies or meltdowns or bubbles or busts. But to get a really spectacular meltdown like we're in the middle of now, for that you need government.

There's more.Read the whole thing.

(emphasis mine)