Give me liberty or…

Or, you know, stimulus spending or emergency loans.  It all works…

…except, of course, when it doesn’t.  For example, GM is apparently continuing to lurch toward an early summer bankruptcy, despite its receipt of more than $13 billion government loans. The government seems intent on being closely involved in the potential bankruptcy process, which is supposed to be “fast” and “surgical,” presumably to get it over with and get GM back on track. Of course, this ignores the basic fact, as explained by the Austrian theory of the business cycle, that even — or really, especially — those businesses which are “too big to fail” must be allowed to fail if the market is to right itself and return to an appropriate and realistically sustainable level of activity and growth.

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