Comments on: Wachovia Makes the Market go Crazy

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By: Michael

Michael — Fri, 03 Oct 2008 19:06:47 +0000

“Sitting back and watching our society crumble around us is not an option. The longer it takes to act, the longer it will take to recover.”

Um, there was a crash in the early 1920s. Guess what, no one remembers because the government did not interfere and the market recovered after a year of depression…

Fast forward to 1929… There was another crash and this time the government decided to intervene and fix prices (go read Bernanke’s essays). The depression lasted a decade!

This $700 BILLION bailout just ushered in another depression…

“If a company, especially one charged with handling other peoples money, does not live up to its responsibility, then it loses the right to operate freely. It needs to be watched, to be regulated and the ones doing the watching need to be watched.”

This made me ROFLMAO! What about governments? Are they not charged with handling other peoples money? Has the government lived up to it’s responsibility? Did they just give away $700 BILLION of our tax dollars?