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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: koan who wrote (89283)10/27/2008 1:59:44 PM
From: Little Joe3 Recommendations  Read Replies (3) of 116555
 
Guess it depends. The writers I read say Hoover did take many steps similar to what is being done today and they did not work and of course they can't work. We are using more lending to save us from the lending we already did, further reducing moral hazard which is responsible for getting us here.

The sad fact is that once things get mismanaged to the extent that they have been, there are no painless solutions. It really is a question of suffer now or suffer later. If we push it off the pain will be greater.

There is not a person alive who knows what to do now. Wring your hands all you want. The government caused this problem and it is unlikely to solve it.

Little joe
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