The MSM had plenty to say about a 600 point drop in the Dow two Fridays ago when the house rejected the initial bailout plan. The blamed congress for not violating individual property rights and granting a large scale bailout of wall street to try and prop up a failing economy. Lucky for us they were able to paint the picture as simplistic that the federal government had an button under glass in the Capitol building which said in case of economic emergency break glass. So the congress got to work, they broke the glass. Now as I write the market is down significantly and is bouncing, but I suspect this is just a harbinger of greater plummets. The Fed of course will print more money and lower interest rates, but this will serve to drive inflation even faster. The problem is not the wrong intervention or even not intervening quickly enough, the problem is government intervention in the economy at all. Government is the agency of force. Economic prosperity requires freedom, freedom to act on ones own judgment for ones own interest. The only role for the government in the economy is rooting out and prosecuting fraud and other uses of force. It is not a coincidence that the nation that was founded on individual rights and freedom is the most prosperous ever. It is government intervention that caused this problem and that will continue it. If the Congress wanted to act quickly they should have been discussing how to repeal laws which are applying friction to business, not make the biggest power grab for the central economic planners since the Great Depression.

The politicians have been blaming the "greedy" capitalists. But those capitalists that are so greedy, are the ones that create wealth and jobs.

The long term outlook of government intervention in the economy is clear and clearly terrible.

*[MSM]: Main Stream Media

AuthorKevin McAllister