The pundits on TV (Dobbs, Beck, Hannity, Colmes, O'Reilly, etc.) and the politicans and bureaucrats are spinning the story and telling us that "free market capitalism" caused our current financial crisis.
Nothing could be further from the truth. The government and its cranky quasi-governmental agencies, like the Fed, Fannie, and Freddie, caused the crisis. But of course, they are never wrong. Now they are spinning the story, not only because they are ignorant of Austrian economics, but because they are constantly seeking legitimacy and power.
As you can read here in this article by a great economist, George Reisman, it's not the market that caused the problem. It's the government. Thanks to mises.org for publishing yet another great article that cuts through the crap.
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