It seems as though financial institutions are collapsing all over the country. Those of us who saved all our lives are going to be taken down with the millions of people who irresponsibly spent more than they could afford. I am feeling very sad today for our country. I have long been opposed to big government, but alas, it is the will of the majority and it's taking us down.
From Robert Higgs in The UK Independent:
The trouble is, however, that now, even more than then, the American people have little interest in liberty. Instead, they want the impossible: home ownership for those who cannot afford homes, credit for those who are not creditworthy, old-age pensions for those who have not saved, health care for those who make no attempt to keep themselves healthy, and college educations for those who lack the wit to finish high school. Moreover, they want it now, and they want somebody else to pay for it.
If you think that Fannie and Freddie’s bust is a big deal, just wait until Medicare comes crashing down. Then, the wailing and gnashing of teeth will be truly unbearable. As that day rapidly approaches, however, you’ll notice that the politicians are doing utterly nothing to forestall it.
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