jueves, 17 de septiembre de 2009

Social-democrats

http://link.ft.com/r/IOCBMM/1UJ9S/BX7NC/CV40Q/MK3VI/N9/h

This is what happens with government interference: the distortions it creates get ultimately re-arranged. That's why socialism does not work: you cannot block the sun with a finger. If they believe in the private sector, they should have let those banks fail or, at least, suffer the consequences economically through nationalization. If the don't, all large systemic banks should be state-owned. Telling people in the private sector, with private shareholders, how much they are going to earn is preposterous