Everyday Finance

Milton Friedman Would Have Welcomed the Fed's Intervention in Bear Stearns

Friedman despised regulation, government intervention and most of the current governmental departments (he said perhaps he'd keep state and defense departments). He expounded on how the FDA's killed more people than saved due to the lengthy approvals while patients died awaiting cures. I know you'd immediately think about recent Vioxx events, but the deterrent...our wonderful tort system...the most litigious nation on earth. I think total elimination of all government's a little extreme, anarchist really...but with that perspective, I have to think he would let risk takers who didn't manage their risk crash and burn, including the people losing homes to foreclosure now.