Tom Woods on Barack Obama's audacity to claim he will head off future "bubbles," bubbles which he and his pals in government cause in the first place:
In case you’ve ever wondered what it must have been like to read Pravda, reading the American media’s treatment of the financial crisis and our wise leaders’ expert management of it all has given everyone a wonderful opportunity. For instance, check out this piece from several days ago on Politico.
If you can’t bring yourself to click on the link, I’ll give you the headline: "Obama Would Regulate New ‘Bubbles.’"
Yes, you read that right. "Bubbles" just occur spontaneously. They have no cause or explanation. We need government to identify and destroy them.
Sometimes I wish our overlords would get their stories straight. First, Alan Greenspan – whom the New York Times once described, in its typical toadying, totalitarian fashion, as "the infallible maestro of our financial system" – told us it was impossible to tell if a bubble existed at any given time. Now we have Barack Obama insisting that not only can we detect bubbles, but we can also deflate them with sufficient dispatch to prevent them from causing any serious economic disturbances.
How are we peons to decide between the competing views of our infallible maestro on the one hand and the man who would be FDR on the other?
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