And why are we in this handbasket?
The government response to the credit crisis is going to destroy our economy. It may unravel the nation itself.
These companies should have been allowed to fail. It's not PC to say I don't care about the people involved losing their jobs, but I don't care about the people involved losing their jobs.
I've lost jobs before. Sometimes you find another, sometimes you declare personal bankruptcy, sometimes you start your own business. You never die from it, and you are always better for it.
We have lost the freedom to fail. Without failure, there is no success -- just a lifelong muddling. We're to be a civilization of muddlers.
But the direct consequences are to be just as bad. In order to fight the specter of deflation, the government is pumping money into the economy right off the printing press -- except without even the need to actually mint anything. They're pretending that they have the money.
Eventually, someone is going to demand that they show it. When that happens, they'll lose their credit rating, and the ability to borrow along with it.
Without the ability to borrow, the US Government goes bankrupt.
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