Tuesday, Mar 11, 2008
Feb panic: The bigger the mess, the more urgent the calls for a government solution
Bloomingberg: John Galt Plan Might Save U.S. Financial System: Caroline Baum
"Galt, the hero of Ayn Rand's magnum opus ``Atlas Shrugged,'' stops the world by going on strike. He and the ``men of the mind'' literally withdraw from the world after watching their wealth confiscated by the looters (the government).
Toward the end of Rand's 1,000-plus page novel (or polemic), the economy is in shambles. Desperate, the looters kidnap Galt and prod him to ``tell us what to do.''
Galt refuses, or rather tells them ``to get out of the way.'' "
Posted by happyrenterz @ 07:59 PM (210 views) Add Comment
2 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. whiteknight said...
essentially what i was saying in response to a comment by happyrenterz just a few posts ago.
all attempting to breathte life into this system does - is keep the capital tied up with the wrong networks and business models thereby ensuring a painful existence.
nobody or thing that "made it" in the last 15 years can be considered sustainable until it has been retested.
2. happyrenterz said...
"Today's economic and financial crisis would resolve itself more quickly and efficiently if the government got out of the way. Yes, there would be pain. Some banks would fail. Others would clamp down on credit to atone for the years of lax lending standards. Homeowners-in-name-only would become renters. Housing prices would fall until speculators found value."
Homeowners-in-name-only - I wish more people would realise this. The home is only really yours when you have paid it off.