The Wall Street Journal editorial page’s Stephen Moore supports the trillion dollar bailout of investment banks. Stephen is the alleged champion of free markets and was formerly with Club For Growth and was a federal budget policy director at the Cato Institute. His reasoning? Taxpayers must be made to subsidize an industry to avoid a “meltdown.” Wrong! The meltdown, caused by the deflation of a Fed-created bubble, cannot be avoided. The bailout is merely transferring the costs to taxpayers.
Source link: http://archive.mises.org/8561/bailout-hall-of-shame/