Since when do we rely on government to intervene in every case of a failing business? If anyone wonders why we have such a mess on our hands, look no further than our boneheaded government that has obviously forgotten its way. Think of this week’s action within the financial markets is a result, not the cause of our problems.
AIG (AIG) is in a battle for its very existence, Merrill (MER) has been absorbed and Lehman (LEH) is bankrupt. And it is only Tuesday. What’s next?
These days, many people are wondering what our government will do to stop the insanity. Yet, in a capitalistic society that relies on a free market system, we should only look to the government to guide and regulate against fraud and the manipulation of the system. Sometimes known as a laissez-faire philosophy, the government has a role, but it is not to be a business partner and a sugardaddy there to provide a backstop to the bad business practices of the banking system.
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