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When you say "let the markets rebalance," do you mean in the way Western governments used to before the Great Depression, say during the 19th and early 20th cen
by cs702 3y ago
When you say "let the markets rebalance," do you mean in the way Western governments used to before the Great Depression, say during the 19th and early 20th centuries? Do you realize how horrific the panics of 1818-19, 1825, 1837, 1847, 1857, 1866, 1869, 1873, 1884, 1893, 1896, 1907, 1914 were, in both the US and Europe? And after all those horrific panics, the old systems led to the Great Depression, 1929-1939. Is that what you mean?
To the extent economists today recommend propping things up, it's only because they believe the alternatives are much worse. Judging by the historical record, I'd say they're right to focus on minimizing damage, akin to doctors with their Hippocratic oath.
- dgfitz 3y ago> ... it's only because they believe the alternatives are much worse. Who is "they"? Surely you're not suggesting that every economist alive today shares the same belief Surely you're not suggesting the health of economy runs on the beliefs of cherry-picked economists. 2008 was a crisis you conveniently left off your list, also 2020. Bailing out people who make bad decisions and throwing insane amounts of money at people and businesses isn't the answer. Where were these economists in 2008 and 2020? Have they changed their opinion since then? Do you know what their opinions even were?
- deprecative 3y agoRight? Won't someone think of the poor billionaires who are going to lose pennies on the dollar in this shitfest? Have we no empathy for the haves?!