President Obama tonight said that we need to prevent “the cycle of bubble and bust”.
The opposite of bubble-and-bust is a planned economy. Sounds like a great idea, doesn’t it? Sure, we’ll just plan the economy and we won’t have to worry about business cycles or economic downturns anymore.
Yeah. Let’s not sign up to get on that list.
[ugh, he just said “dependence on foreign oil”. will it be so much greater when we’re dependent on foreign wind-power technology? apparently Europeans have all the technology…]
Everybody likes to think that if we just add a little regulation here and a little nationalization there, we can prevent bubble-and-bust without completely dismantling Capitalism.
What we’ll end up with is the same thing we got after the Great Depression — huge government programs, the worst of which are Ponzi-schemes, which will burden the country for generations. Good times.