What if we did nothing? What if we let the free market economists have their day of reckoning? It's a lot of cacophonic shouting and pleading right now, but things haven't exactly turned out the way the hollerers predicted. Barclays steps in and buys Lehman's. Warren Buffet invests 5 billion bargain dollars in Goldman Sachs. JPMorgan Chase now owns WaMu. Isn't this what is supposed to happen? There are losers and those losers get snapped up by those who can afford to play...
I don't know if we should do nothing. I am not an economist. But I do know that it's easy to spout off your principles and core beliefs when everything is telling you you're right or to promulgate those beliefs in the realm of the hypothetical. It's certainly harder to live them out when it's not monopoly money and red plastic houses. And if capitalism is one of our core beliefs, now is the time to live it.
Friday, September 26, 2008
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