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April 3, 2013

"We are now state-wrecked."

David Stockman on "Sundown in America" @ NYTimes.com: With only brief interruptions, we’ve had eight decades of increasingly frenetic fiscal and monetary policy activism

intended to counter the cyclical bumps and grinds of the free market and its purported tendency to underproduce jobs and economic output. The toll has been heavy. As the federal government and its central-bank sidekick, the Fed, have groped for one goal after another — smoothing out the business cycle, minimizing inflation and unemployment at the same time, rolling out a giant social insurance blanket, promoting homeownership, subsidizing medical care, propping up old industries (agriculture, automobiles) and fostering new ones (“clean” energy, biotechnology) and, above all, bailing out Wall Street — they have now succumbed to overload, overreach and outside capture by powerful interests.

Posted by gerardvanderleun at April 3, 2013 8:21 AM. This is an entry on the sideblog of American Digest: Check it out.

Your Say

RTWT. Pretty grim. I don't agree with many of his cures, but it is worth reading.

Posted by: Fat Man at April 3, 2013 12:18 PM

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