Thursday, September 25, 2008

A Modern Grasshopper and the Ant story

As we go through this economic crisus I grow more and more concerned about the ways we are discussing getting out of this mess. The below story illustrates well my concerns. As a mortgage holder myself who pays regularly although it hurts the wallet quite a bit these days I find the idea of haulting foreclosures and other means of eliminating the moral hazard involved in free markets to be frustrating and near sighted.

The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessaryattention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowherebe so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith

I follow with the iced coffee...

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