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Source link: http://archive.mises.org/8725/the-socialization-of-lending/

The Socialization of Lending

October 7, 2008 by

And this morning, the Fed has deemed it necessary to lend, with no collateral, directly to businesses, thereby repeating in a worse form the very errors of Fannie and Freddie. Clowns with wrecker balls! Comments at the Washington Times are interesting. “Sounds like a great plan, who came up with that? Now I remember, it was Lenin.”


fundamentalist October 7, 2008 at 2:35 pm

The American Spectator web site has a great article on the crisis called “Stop the Debauchery” by Lawrence Hunter. It leads with this quote: “We inflate our paper currency, we repair commerce with unlimited credit, and are presently visited with unlimited bankruptcy.”
– Ralph Waldo Emerson, The Young American, 1844

Sukrit October 7, 2008 at 2:55 pm

Off-topic, but is it possible to subscribe to the Mises Review of books in physical form, or is it only published online?

Friedrich October 8, 2008 at 12:53 am

I just stumbled upon this page the last few day. I’m glad that at least some do not think that politicians can “heal the world”.

I wrote against this failout, and I wished that they would not try to worsen the problem of having too much money in the system with throwing another few tons….

However it’s interesting that they do not even think of a different approach. At first they burned a few billions (10 – 15) then it worsened. The Failout plan is now about 700 Mrd and growing, to what good?

I guess in a future they will come up with a few trillions “solutions”….

Jeff October 8, 2008 at 6:12 am

He had me for a bit with his rant against government regulation and the free markets, but his solution? More government intervention! No thanks.

Book 'em Danno October 8, 2008 at 10:12 am

Barney Frank, politician, weasel.

Rothbard writes in the introduction of The Case Against the Fed (1994):

” Representative Barney Frank (D., Mass.), a co-sponsor of the Gonzalez bill, points out that “if you take the principles that people are talking about nowadays,” such as “reforming government and opening up government—the Fed violates it more than any other branch of government.” On what basis, then, should the vaunted “principle” of an independent Fed be maintained? ”

(the Gonzalez bill was to introduce auditing the Fed)

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