Right now in some of the most important think tanks of the country,
well-paid hacks are churning out definitive histories of the current
crash. Obviously, market forces are part of the solution rather than
the problem. We can agree with many of them that the Federal Reserve
played a role.
This work follows in a long tradition. For example, their forefathers
already figured out that the Smoot-Hawley tariff caused the Great
Depression.
We know how innovative this school of thought can be. They've already
figured out that government mandates to lend to poor people caused the
subprime crisis.
Surely, excessive taxes will be part of the story, but I can't figure
out how they will spin that.
What other kinds of regulations and interference with the market is
responsible for the debacle?
--
Michael Perelman
Economics Department
California State University
Chico, CA
95929
530 898 5321
fax 530 898 5901
http://michaelperelman.wordpress.com
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