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Source link: http://archive.mises.org/8697/marginal-power-grabs-the-ratchet-effect/

Marginal power grabs: the ratchet effect

October 5, 2008 by

If you enjoyed the CNN debate from last week between Stephen Leeb and Peter Schiff, you will probably like a rematch from yesterday.

The best fear mongering quotes:

“If you don’t do something quickly, we will have mass starvation!”

“I would rather give the government a little control now rather than complete control later on [...] because I don’t want to be saluting a dictator in this country!”


(Part 2)

See also: Bernanke: There’s No Housing Bubble To Go Bust
The Ratchet Effect

{ 9 comments }

Ireland October 5, 2008 at 2:28 am

The Leeb guy is unreal. Tell me this is some Hot Shots sequel or something, not a real person heading a real company.

If he was for real, the one thing he manages to demonstrates is: why we need all these bankruptcies and no bailouts – to let the capital that still remains get into hands of people who know better.

Pat October 5, 2008 at 8:34 am

A rather specious claim that Leeb is making. He fails to realize that governments do not have to take over the economy instantly. In fact, if I were him, I would be a lot more worried about a slowly but surely increase in governmental control of the economy than the rise of a dictator. At least, in the case of a dictator, most of the Americans would see it and fight it (Not necessarily, but even in a moment of crisis, I doubt the majority of Americans would stand for it). In the case of a bailout, not many would see it.

magnus October 5, 2008 at 8:57 am

“The American people will never knowingly adopt socialism. But under the name of Liberalism, they will adopt every fragment of the socialist program until one day America will be a socialist nation without knowing how it happened.”

Norman Thomas, Socialist Party candidate

“The American People will take Socialism, but they won’t take the label. … Running on the Socialist ticket I got 60,000 votes, and running on the slogan to ‘End Poverty in California’ I got 879,000.”

– Sinclair Lewis

Chris October 5, 2008 at 11:05 am

Remember the quote, “When the only tool you have is a hammer, every problem looks like a nail.”

The 2008 version: “When the only tool you have is a printing press…”

Ed October 5, 2008 at 12:00 pm

The one good thing about Leeb is he makes even the most wacky Libertarians sound sane and rational by comparison. :)

Francisco Torres October 5, 2008 at 1:55 pm

“The house is on fire! The house is on fire! Quick: Bring the gasoline!”

The biggest wopper of all is saying we will starve without the bailout.

David C October 5, 2008 at 2:15 pm

In many ways this interview is frustrating. I don’t think CNN wants to find a “solution” to the problem. What they want to do is tease people with the truth, create a lot of hype about the issue, and monetize peoples frustrations in the form of higher ratings. As soon as there is a consensus about the solution, then they can’t pump the ratings.

D. F. Linton October 6, 2008 at 8:23 am

The traditional media is much more predictable if you keep in mind that they are simply advertising-supported entertainment businesses. They say and show what sells. I personally see no appeal in depressing plays or slasher films, but many others clearly do. Doomsday reporting is just another aspect of this.

The idea that reporters, newspapers, etc. are somehow impartial, noble umpires speaking the truth regardless of consequences is simply another of the self-serving myths that are all too common, such as the selfless impartial civil servant, or the idealistic politician.

andy October 6, 2008 at 9:56 am

Bailout passed. The market is down 500 points on Monday. Somebody got it wrong…and it wasn’t Peter..

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