Markets that are “allowed” to crash, sometimes violently, are
usually quick to adapt and evolve, something akin to Schumpeter’s
“creative destruction.” They are dynamic, responsive, adaptive. In
sharp contrast, markets that receive government / taxpayer-sponsored
bailouts are “fragilized”-- rendered deaf to the market’s timely
lessons and mute in response to the new demands and expectations
of market participants.
-- Joel Bowman, The Daily Reckoning (April 14, 2013)
Sunday, April 14, 2013
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