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Dec 3, 2008

Government Sets Up the Next Bust

12/03/08 - TownHall by John Stossel   --> Source
Stossel quotes Jim Rogers, successful investor and author.

[edited] Why are we bailing out Citibank? Why are 300 million Americans paying for Citibank's mistakes?

Consider how the the system is supposed to work: People fail, competent people take over assets from the failed people, and then they start again with a new stronger base.

This time we are taking the assets from the competent people, giving them to the incompetent people, and saying, "OK, now you can compete with the competent people." So the nation and the economy are weakened. That's not the way it's supposed to work.

All these homeowners who did nothing wrong are now being forced to pay for the people who did crazy things.

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