http://www.creditwritedowns.com/2009/03/marc-faber-the-feds-poured-the-gasoline-and-lit-the-match-now-they%e2%80%99ve-joined-the-fire-department.html Finance, Economics and Markets Fri, 10 Feb 2012 00:37:00 +0000 hourly 1 http://www.creditwritedowns.com/2009/03/marc-faber-the-feds-poured-the-gasoline-and-lit-the-match-now-they%e2%80%99ve-joined-the-fire-department.html#comment-4231 Vangel Sun, 08 Mar 2009 15:08:31 +0000 http://www.creditwritedowns.com/?p=6800#comment-4231 Faber makes a point that is missed by the mainstream media. They keep treating Geitner, Fed officials and politicians as competent even though they all missed the signs. At the same time, the Austrian School economists managed to see it coming and explain what would happen and why. Sadly, the public is being asked to accept the failures as saviours and is being told to ignore the individuals who got it right because these individuals prescribe actions that are not popular. So instead of choosing the Harding approach, which was painful but got the country out of trouble by ensuring that the market would liquidate malinvestments the Obama administration is being cheered on for choosing the Hoover/FDR way of meddling, which turned a normal depression into a great one that lasted for more than a decade. Faber makes a point that is missed by the mainstream media. They keep treating Geitner, Fed officials and politicians as competent even though they all missed the signs. At the same time, the Austrian School economists managed to see it coming and explain what would happen and why. Sadly, the public is being asked to accept the failures as saviours and is being told to ignore the individuals who got it right because these individuals prescribe actions that are not popular. So instead of choosing the Harding approach, which was painful but got the country out of trouble by ensuring that the market would liquidate malinvestments the Obama administration is being cheered on for choosing the Hoover/FDR way of meddling, which turned a normal depression into a great one that lasted for more than a decade.

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