We bailed out failed institutions, failed individuals, and failed ideas. Everyone can understand why that is a bad idea. But exactly what did we save? And what can we expect that government-imposed support to cost us in the future?
Ideally, I would like everyone to read this post and to watch the embedded video.
If you decide not to watch the video, all is not lost. After all, each of us recently lived through a serious test of capitalism (our brand of capitalism, that is). And we all have some inkling as to what we are now facing.
Please also watch the Keynes vs. Hayek fight. (You can also watch this Austrian-school analysis but it's entirely optional.)
See you on June 23.