| Re: Financial Sector self-destructing |
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Group: sci.econ · Group Profile
Author: Video61Video61 Date: Mar 29, 2008 12:24
On Mar 29, 1:49 pm, "John Galt" bluebottle.com> wrote:> "anon" privacy.net> wrote in messagenews:jvvHj.782$lV1.215@trndny06...
>>> "Canuck57" unixhome.net> wrote in message
>>news:ECtHj.133413$pM4.120298@pd7urf1no...>
>
>>>> I think a better idea would be to have NO lender of last resort.The last
>>>> resort should be bankruptcy, just like in any other business.
>
>>> Insightful.
>
>>> If they just let that happen, the problem would have solved itself in 6
>>> months.
>
>> the last time they let the problem get so big and then "sort itself out",
>> it took more than a decade and a world war to reset the animal spirits.
>
> Uh, the government did NOT sit back and let the Depression sort itself out.
> There were many actions taken, most all of them now generally accepted as
> having extended the distress.
>
> JG
you mean mellon and hoover did nothing till it became obvious to even
the most stupid. by the time FDR came along, we had 10,000 banks or
more failed, 25%% or more unemployment, at least a drop of 40%% or more
industrial production, 2 states under martial law, and a failed
currency even though it was under the gold standard.
yet, the massive intervention of government meant that all statistics
improved under FDR, the exact opposite of libertarian dogma. but you
know all of this, i point this out to you on a regular basis, you
simply ignore it, which means you are a indoctrinated fool.
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