“We got here by spending too much money, borrowing too much money, and inflating too much money — with the Federal Reserve too involved in central economic planning through the manipulation of interest rates, and the congress passing too many regulations. As long as we think that’s benign and has nothing to do with it, then I guess it seems very logical that we come up by spending more money, borrowing more money, printing more money, and writing more regulations - and think that we’re going to get different results.
It seems to me today that the big argument is who the central economic planner is. Is it the treasury, or is it the congress, is the FDIC, is it the federal reserve? Believe me, central economic planning doesn’t work - that’s why we’re in this mess.
If we’re looking for a solution, we have to have liquidation of debt. We don’t want to prop up the bad debt. The problem was created by bad policy. The longer that you delay the liquidation of debt, the longer the agony will be.”
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