As faithful readers (both of you) are aware, I usually know everything. You name it, I’ll tell you what should be done—but not now. When it comes to the economic situation, I don’t know the answer and I doubt that anyone else does.
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Yes, the free market is doing things fast and furiously while the guvmint seems to take forever.
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Read any paper, watch any TV channel, or listen to any radio station and see the free market hard at work. Prices are slashed, interest rates have dropped, and “deals†abound. The market is reacting quickly to excess inventories and reduced demand.
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All of that is a great example of the free market trying to cope. It is amazing how quickly that idea spread across the nation and across industries. Be it an aircraft or a car, shoes, or TVs, deals are advertised in every media.
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But, the free market also takes other steps. In our industry and most every other, employees are chopped from payrolls with horrifying regularity and severity. Plants are closed, manufacturing is curtailed, and business slows accordingly. Once again the market is at work, but this step is not really what we want.
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The guvmint is slow, plodding, and cumbersome. The market—despite its lack of cross-industry leadership and authority—is fast and effective. But that ain’t necessarily enough.
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I hate to say this, but maybe we need both.
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The guvmint could hire people. Lord knows our infrastructure needs work. Our roads, bridges, and everything in between need major rebuilding. Maybe if we could hire people to do needed work it might help us get back on track faster.
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On the other hand, can the guvmint do that fast enough without messing it all up? If it can and does, could it then be able to get back out of the business, or would it stay forever?
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I don’t know. I just don’t know.
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