Wednesday, July 30, 2008

The Government Did It — Again

And history keeps repeating itself…

Early twentieth century: Fed cuts rates, causes stock market bubble of the roaring twenties, bubble bursts, renowned power brokerage Roosevelt, Hitler, Stalin & Co. claims capitalism has failed and needs to be saved and/or replaced by their plans advertised as "The New Deal," "Fascism," and "Communism."

Early twentieth-first century: Government forces lenders to lower lending standards, causes housing bubble, which bursts into subprime mortgage crisis, big government moon bats claim the free market has failed and needs more government regulation.

This kind of thing will go on as long as people believe that governments initiating the use of force to promote a (nonexistent) common good is moral — and free, voluntary cooperation to mutual advantage (capitalism) is immoral.

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