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Source link: http://archive.mises.org/8285/recession-plagued-nation-demands-new-bubble/

Recession-Plagued Nation Demands New Bubble

July 15, 2008 by

WASHINGTON–A panel of top business leaders testified before Congress about the worsening recession Monday, demanding the government provide Americans with a new irresponsible and largely illusory economic bubble in which to invest.

Where else but The Onion. This is a classic. (Thanks ChaseCola)

{ 6 comments }

Curt Howland July 15, 2008 at 8:41 am

Gee, I think this is a transcript of NPR’s “Morning Edition” to which I was listening this morning.

Or at least, that is exactly what they were trying to rationalize.

Let’s get real for a moment: If Fannie and her fascist brother were indeed to “fail”, what would actually happen? Those resources, the “mortgages”, would be sold at a discount, to people with better use for those resources.

No one would die, and recovery would be possible.

Why can’t the pundents get this through their skulls? But then, these are the same kinds of people who called “Ron Paul’s economics” delusional.

Miklos Hollender July 15, 2008 at 8:44 am

But the new bubble is already growing out there – it’s alternative energy. Watch for Obama and McCain talking about “energy security” – getting off oil is becoming a national security question, thus creating the next bubble.

Ron July 15, 2008 at 9:27 am

The most support thus far has gone toward the so-called paper bubble. In this appealing scenario, various privately issued pieces of paper, backed by government tax incentives but entirely worthless, would temporarily be given grossly inflated artificial values and sold to unsuspecting stockholders by greedy and unscrupulous entrepreneurs.

Classic! If it didn’t say “privately issued”, the “little pieces of paper” could very well be US dollars!

Ron July 15, 2008 at 9:31 am

Sorry…tried to block quote the paragraph from The Onion, but apparently I don’t know the right tag to use.

Larry N. Martin July 15, 2008 at 10:58 am

“The U.S. economy cannot survive on sound investments alone,” Carlisle added.
Good Stuff!

fundamentalist July 15, 2008 at 11:34 am

Great post! Thanks! Might as well laugh to keep from crying.

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