Thursday, November 20, 2008

101 Ways to Give the Market a 10% Haircut, part 36

Have the designee for White House Chief of Staff (the one they call "Absolute Enforcer") "call on business leaders to help push universal health care" (Wall Street Journal, Wed, Nov 19, 2008, page A6). This helped take 872.46 points, or 10.63%, off the collective wealth of the free world in two short days.

They don't get it. They don't understand that talk like that is kryptonite to capital. Even though Mr. Obama said that "government stands ready to do whatever it takes to revive the economy," he – more importantly, those whose strings he's attached to – simply won't fathom that all the government need do is concentrate on limiting its own interference in private enterprise and the pursuit of happiness, and stick to legislating what is just, protecting the innocent and defending the country.

The market, left alone, will do what markets always do: price things rationally, enable prosperity, and get things from where they are to where they need to be.


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