Financial institutions are not being bailed out as a favor to them or their stockholders. In fact, stockholders have come out worse off after some bailouts. The real point is to avoid a major contraction of credit that could cause major downturns in output and employment, ruining millions of people, far beyond the financial institutions involved. If it was just a question of the financial institutions themselves, they could be left to sink or swim. But it is not.
Thomas SowellOne of the most important skills for political success is the ability to make confident assertions of absurdities or lies.
Thomas SowellMany of the words and phrases used in the media and among academics suggest that things simply: happen: to people, rather than be being caused by their own choices and behavior. Thus there is said to be an 'epidemic' of teenage pregnancy, or of drug usage, as if these things were like the flu that people catch just by being in the wrong place at the wrong time.
Thomas SowellDespite a voluminous and often fervent literature on "income distribution," the cold fact is that most income is not distributed: It is earned.
Thomas Sowell