Thursday, October 02, 2008

The Best Analysis Yet

With the US Senate voting for their pork-stuffed bail-out, we have ventured into a new realm of centralized state control of finance; and let me put that in a time frame - EVER.
To combat the depression by a forced credit expansion is to attempt to cure the evil by the very means which brought it about ...”
The confusion of Chicago school economics on monetary issues is so profound as to lead its adherents today to support the largest government grab of private capital in world history. By adding their voices to those on the left, these confused free-marketeers are not helping to “save capitalism”, but contributing to its destruction.
Read the rest because the author spells it out better than anybody else.

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2 Comments:

Blogger Oldcatman said...

Raising the limits on FDIC
scares me---WHAT THE HELL IS TO PREVENT FDIC FUNDS FROM BELLYING UP?

3:23 AM GMT+13  
Blogger Joe Ramen said...

Nothing is to prevent it. There are no real guarantees.

It's a matter of probability and the amount of loss. Raising the limit of FDIC is part of a proposal (that was obviously ignored) that would only cost about $17 billion as opposed to the $810 billion passed yesterday.

If anything was to fail, which would you prefer?

9:33 AM GMT+13  

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