Milton Friedman often asserted the Government was largely responsible for the Great Depression and that the Federal Reserve should be replaced with a computer. Ben Bernanke responded by saying.
Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again.Well just 6 years later we are witnessing the largest bank failure in history. And many money market accounts are frozen due to a run on the banks. So Bernanke and Paulson are trying to work with congress to get a rescue package to save us from another great depression. Some say to follow Paulson, others say congress has the answers, or that we should listen to dirt farmers. But I think my brother Gardners facebook status summed it up best.
Having the government fix the financial crisis is like having an auto mechanic preform your appendectomy.
2 comments:
Amen.
Touché.
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