Comments on: The Fatal Conceit

By: James Madison Fan

James Madison Fan — Wed, 15 Jul 2009 17:36:57 +0000

The problem is the same problem we had in the Depression: Bad Loans.

Until banks feel secure making good loans no one can buy anything substative.

Until people are secure that their next paycheck will not be their last they are going to pay down their debt in an effort to keep their property rather than incurring debt trying to acquire more property. So even if the banks were wiling to give out loans most people are not interested.

Until banks start lending and people start spending the economy will remain in this trough. If confidence continues to lag it will only get worse.

Obama took the wrong page from Reaganomics. He needs to cut taxes. Not increase govenmental spending.

By: Joe Gresham

Joe Gresham — Wed, 15 Jul 2009 16:17:11 +0000

John is exactly right. Our economic problem is from deficit spending, and we can\’t \"borrow our way out of debt\". This is more basic than basic. A deaf, dumb blind 2 year old should be able to see and comprehend that

By: Wayne Westgaard

Wayne Westgaard — Tue, 07 Jul 2009 17:14:32 +0000

We need a law that prevents automatic with holding of taxes from paychecks. If the “people” had to write checks to the government every month I am sure people would get the physical sickning reaction and want to stop paying taxes enough to stop the madness.

By: Al

Al — Thu, 25 Jun 2009 21:03:46 +0000

Your contention that the stimulus is a waste is right on target. It would be better to do nothing. The dislocations in the market need to be adjusted. However, to say 70s and 80s were worse in many ways or that someone told you that this is a minor correction is outright laughable. Perhaps, things are not as bad now as they were in the depths of the 70s and 80s recession, in a few years I am sure you would change your conclusion. We must pay for the excesses of generations of poor social engineering. There are no more bubbles to burst. When the long bond breaks, you will see vastly higher inflation and interest rates. High interest rates does not bode well for the largest debtor in world history. The government’s tremendous response to the financial crisis was unavoidable. You cannot ask a man to cut off his own arm, even if it has a terminal infection.

By: Jonathan Finegold Catalán

Jonathan Finegold Catalán — Tue, 23 Jun 2009 06:15:49 +0000

I should go to a bank and take out a loan. Then, in one year, I should go back and take out another one.

Banker: “You still have not paid back your first loan.”

Me: “I have taken a loan before, I can take a loan now. I will pay it back.”

I guess when you’re at the head of a monopoly you can do these kind of things. It must be nice.

By: Tom Foppiano

Tom Foppiano — Mon, 22 Jun 2009 23:49:17 +0000

Gotta love John Stossel!

By: Hugh M

Hugh M — Mon, 22 Jun 2009 22:20:03 +0000

John Stossel uses his talent and forum like that of a patriot. Thank you, sir!

By: KurtFolkerth

KurtFolkerth — Sat, 20 Jun 2009 05:48:29 +0000

Good article!

By: David J

David J — Thu, 18 Jun 2009 16:11:30 +0000

Great article! Words to live by.