I’m in a good mood because everything is happening as it should.
When people spend too much money...when speculators gamble too
recklessly...when the government gives out to much cash and credit – there
have to be consequences. A free market is not a system designed to give
people a free lunch. It’s designed to make them better people – by
rewarding them when they do the right thing and punishing them when they
do the wrong thing. For the last 20 years – at least – people have been
doing things that the old economists would have regarded as ‘moral
failings.’ That is, they’ve been spending more than they make...for
example. Now, they’ve being punished. They’re being re-educated. And
they’re going to end up poorer...but wiser.
Frankly, we’d rather be dumber and richer, but the markets don’t give you
that choice. They separate fools from their money. That’s what they’re
doing now. So, what’s to be unhappy about?
The workings of Demand-Side (aka Keynesian) Economics.
Remember who said "We're all Keynesians now"? Would you buy an apple from the man?