When the stock market crashed in 1929 it was no big deal. It had happened many times before. That time was different. The socialists decided to “do something about it.” Well they did something, all right. They kicked us into a 10-year depression.
I am no big fan of Wall Street. To me it is just a slow Ponzi scheme. You buy a stock with the idea of selling it to someone who is more stupid than you are. That said, I am a big supporter of private ownership of business and voluntary exchange of goods and services.
I won’t try to defend the marketing methods of car dealers, but you buy a car because you would rather have the car than the money and the dealer would rather have the money than the car. That said, everyone occasionally buys something that turns out to be a waste of money.
For markets to operate over a large area there has to be some kind of authority to do three things: recognize and protect property rights, enforce contracts and settle disputes. These legitimate functions of government are a long way from socialism. The headline in the Tuesday issue of The Sun gets it right ... “... but mum’s the word on ‘socialism’.” Why talk about something that has never worked for any length of time?