In a story this morning on CBS' "The Early Show" about the Bush administration calling on Congress to quickly approve the $700 billion bailout plan for Wall Street, Dan Mitchell of the Cato Institute said:
"Capitalism without bankruptcy is like religion without hell. You're going to remove one of the incentives that makes people behave wisely."
Amen, brother.
4 comments:
Remove the word "bankruptcy" and replace it with "regulation", and you have two very wise statements...
NIGEL -- oh Nigel, you are so wise.
I have a friend who thinks that 700 billion dollars should be spent to reward those people who have been living financially responsible lives over the past several years - and I think I agree with him (although I know it will never happen).
TIFFANY -- yes, where do I lobby for that suggestion?
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