Friday, October 3, 2008

Credit Crunch: a Market Response to Fed Excess (Lew Rockwell)

Lew Rockwell writes:

Credit is available to the creditworthy, as Joe Salerno points out, it's just more expensive, as it should be. After years of loose credit, lenders have to slow down and make sure borrowers can and will pay back the loans in tough times. Meanwhile, the criminal gang known as the California state government is moaning and wailing over the idea it might have to cut its standard of living, thanks to more expensive credit and poorer taxpayers. Tough, Arnold. Here is the moderate Rockwell Plan: instead of seeking to forther loot the taxpayers with more debt, terminate half the programs and lay off half the government employees. For example, there are too many highly paid prison guards, and far too many innocents in cages; cut both groups loose. In a Depression, we all have to live on less, especially you parasites.

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