Quote:
Originally Posted by competentone
And would be ending at the end of 2008 as all the "bad actors" would have been wiped out completely.
With the current situation the "bad actors" and "zombie businesses" are being kept afloat at the expense of the "good actors" and solvent businesses.
The government is destroying the healthy in the economy in order to save the sick and dead and especially the corrupt.
Not allowing failed businesses -- and especially, not allowing the failed financial system to collapse -- is creating another Great Depression.
"Pretending" it's not there, doesn't mean it's gone away.
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"And would be ending at the end of 2008". Did the Great Depression last less than 1 year? No, it did not. It lasted at least 4 years (from 1929 to the trough in employment and GDP in 1934). Some claim it lasted until WW2 - I'd agree many of its effects did.
This is even though the Hoover Administration did something like what you advocate. It did relatively little to support the financial system and economy.