A must-read: Thanksgiving Story Resonates in Post-Crisis Age: Caroline Baum
By Daniel at 26 November, 2009, 9:54 am
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ar_eY28ZfKCc
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Commentary by Caroline Baum
Nov. 25 (Bloomberg) — It is the tradition of this column every year at this time to recount the story of Thanksgiving. This year, with capitalism under attack from all quarters, it’s more important than ever to revisit the history of the Pilgrims’ early years in America and appreciate the message.
Whether you think the government’s response to the financial crisis was necessary or unwarranted, too-little-too- late or a case of overreach, there is no disagreement that the free-market system has gone on the defensive.
What the fall of the Berlin Wall did for communism, the financial crisis did for the free-enterprise system. It lifted the curtain and exposed the rot underneath, especially foreclosed houses, a product of the Federal Reserve’s artificially low interest rates and government policies designed to promote homeownership.
That’s where the analogy ends. Central planning was always ill-equipped to provide the goods and services consumers wanted at the prices they were willing to pay. Capitalism can do that well. The question is, will it be allowed to in an environment where capitalists are held in such low esteem. “
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