Anyone familiar with the history of State intervention in the market should be dismayed at the current bailout proposal. For historical perspective, here is an excerpt from Garet Garrett’s The People’s Pottage. The more things change…:
In a Fireside Chat, October 22, 1933, the President said: “I have publicly asked that foreclosures on farms and chattels and on homes be delayed until every mortgagor in the country shall have had full opportunity to take advantage of Federal credit. I make the further request…that if there is any family in the United States about to lose its home or about to lose its chattels, that family should telegraph at once…to…Washington requesting their help. Two other great agencies are in full swing. The Reconstruction Finance Corporation continues to lend large sums to industry and finance, with the definite objective of making easy the extending of credit to industry, commerce and finance.
Posted: December 7th, 2007 under Americas, General, housing bubble.
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