Thursday, September 18, 2008

Out of a morbid attraction to train wrecks, I'm watching CNBC. One of the guests this morning was a "private equity guy" from tony Newton, Mass., who was arguing against government intervention because the market needed to work things out on its own. I didn't record his exact words, but they were something like this:
Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate .… It will purge the rottenness out of the system. High costs of living and high living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up the wrecks from less competent people.
It's a policy line with a long and interesting history --- this was Treasury Secretary Andrew Mellon's advice to Herbert Hoover...

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