Wednesday, December 31, 2008

The Market is Wise

In response to an editorial in today's (New Year's Eve, 2008) Wall Street Journal, "The Market Isn't So Wise After all", by Thomas Frank ("The Tilting Yard" Page A 7)

Mr. Frank, what are you talking about? The market is not allowed to work (no one thinks it's "wise") because of the government's meddling. The market has never and will never wander upward forever; periodic declines are healthy cleansing periods. Recessions and some lost jobs are part and parcel of the workings of the market. If the government would allow some of this to occur early, they'd be less harmful. But no! And as for the "100-year flood of fraud", get real Mr. Frank, fraud is inherent in humankind. As is gullibility and greed. You think the government can stop it with regulations, laws and the like? I have a Madoff fund to sell you. While there were certain valuable protections established during the Depression, much of the "New Deal" was damaging and extended the Depression. I'd guess the same will happen with the Obama administration and Democratic Congress continuing the haphazard mistakes of the Bush administration. Our leaders should be honest and tell us that life isn't fair, that recessions happen and are the price we pay for the growth and prosperity we all (or almost all) enjoy. This recession will extend much longer and our children and grandchildren will pay the price of this government "bailout" and inability to admit truths.

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