How I Learned to Stop Worrying and Love the Depression
Ezra Klein
The American Prospect
September 30, 2008
Editor’s note: Remember Obama’s wife telling us we have to get ready to sacrifice.
Just got a press release from Campaign for America’s Future that quotes Bob Borosage saying:
The bail out will take place simply to avoid that depression. But depressions have some salutary effects – the scoundrels go belly up, the weakest get purged. And, in the wake of the disaster, people demand strict regulation of the money lenders to keep their greed in check, and government spends money on the real economy to put people back to work.”
This really isn’t the best time for liberals to start talking up the "salutary effects" of depressions. The scoundrels may go belly up, but the "weakest" who get "purged" are not the lions of Wall Street.
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