Wednesday, March 10, 2010

 

Thomas Sowell on the administration's economic policies:
Why aren’t the banks lending, with all that money sitting there gathering dust?

You don’t lend when politicians are making it more doubtful whether you are going to get your money back — either on time or at all. . . .

This is not another Great Depression, at least not yet, and the economy may recover on its own, if the government will let it. But Obama today, like FDR in the 1930s, cannot leave the economy alone. . . .

[I]n an atmosphere where nobody knows what the federal government is going to come up with next, people tend to hang on to their money until they have some idea of what the rules of the game are going to be.