Tony Flitcraft: In praise of the free market |

Tony Flitcraft: In praise of the free market

It was not the free market that led us into this recession, but the role of government. The government by law must regulate money supply, and has created the Federal Reserve to implement it under a watchful eye. However, Wall Street, Fannie Mae, Freddy Mac, the health and insurance industries, small and large businesses are so regulated, some even government owned, that the free market doesn’t stand a chance. The notion that some businesses are too big to fail invites unscrupulous people to take imprudent risks knowing government will bail them out. The free market is self-regulating and lets chips fall where they may. Economic sectors, and some investors become casualties, but the general public survives quite well and the economy prospers.

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