Markets work (if you leave them alone)
Credit crisis
We don't live in an economy with free markets. Rather, stifled markets. Still, they work well enough. Mitsubishi UFJ Financial Group invests in Morgan Stanley, and Warren Buffet buys a stake in Goldman Sachs. That's what happens naturally - companies and people take care of failiures.
This pushiness of rushing to a bailout plan, because “it is better than the alternative”, is very scary and an affront to capitalism. If the so-called rescue plan passes, it is theft, or, put more mildly: “The goal is to privatize gains to a few, and to socialise losses to the many” – Marcy Kaptur
Published: September 26, 2008
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