Kevin_Kennedy
Defend Liberty
- Aug 27, 2008
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Kevin, surely even YOU cannot be blind to the market panic that occurred when Lehamn Bros. filed for bankruptcy.
Compare the importance of Lehman Bros to a company like AIG or GM. Not even close. The market would be in negative value right now if the government had not stepped in and unemployment would be in the 20% range. We would be in another depression. Our economy would have collapsed and would have taken the world's economy with it. Thanks largely in part to the government stopping that from happening, we have not hit that point and we will not hit that point.
Your wish for the government to be asleep at the wheel of the economy and let things happen for themselves is a wish for us all to fail. Most if not all of us would be unemployed and poor. The FDIC would be insolvent and banks would fail everywhere.
This is what fiscal conservatives and fiscal libertarians want. Please think about that before associating your ideas with any of theirs.
No one is saying it would have been a pleasant experience to let the market correct itself, but propping up a phony economy for a little while longer is only going to bring about a bigger bust in the future. Eventually the government is not going to be able to step in and we'll have no choice but to take our medicine then, and we'll be wishing that we took it now.
You're talking about armageddon. There wouldn't an economy anymore. The United States of America would cease to exist. Yes, I would definitely call that an unpleasant experience.
This "sky-is-falling" rhetoric is nonsense. Look into the recession of 1920 - 1921 where the government essentially allowed the market to correct itself, and the recession only lasted about a year.