Just when did Britain and Europe become more free market oriented than the United States? I don't know, but it has happened.
Yes, on CNBC this morning they (representing Wall Street and political establishment in the U.S.) were mourning how officials in other countries are not panicking like we are, and don't seem to recognize the "systemic" risk. In other words, Britain and European officials are handling the failure of financial instititutions as individual failures, rather than trying to "bail out" the entire financial establishment. The fools!!!!!!!
I am, of course, referring to the "establishment" here as the "fools", and not the authorities in Britain and Europe.
While we have been concentrating on this stupid "central planning", massive government bailout, those Europeans so beloved of Barack "World" Obama have been figuring out how to let individual companies fail.
IT is sad when Europeans understand more about free markets, and how not to panic, than we do. Really sad.
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