10.19.2008

The fall of the empire

Capitalism will be a scapegoat and a casualty of the collapse of the financial system. Unfairly so. The problem is not free-market capitalism, but the lack of it. Fannie and Freddie bribed Congress to prevent risk control while putting the entire public purse at risk for private gain.

The irony is that with limited government (no Fannie/Freddie/FHA/HUD), we wouldn't be in this mess. And now the solution to the problem created by big government will be more big government, less freedom, and less opportunity for the prudent little guy to become wealthy.

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