The long slump
Putting the fox in
charge of the henhouse
When you massively overextend a credit system, the only thing you can really do is let the overextended fail.
Jim Rogers points out that simply shoveling money at incompetent banks and companies not only does nothing, it prolongs the pain.
If money is going to be spent, it should be spent to shore up the social safety net and help the unemployed until the economy can rebuild itself.
But that's not what Bush and now Obama are doing.
They're putting the very people who created the problem is charge of solving it and those people are solving it the only way they know how...giving more money to their friends.
Japan still hasn't recovered from its bubble collapse that started in 1990. Nineteen years and counting.
Right now, the US is heading down the same path.
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