Forgotten Lessons

The article, Business Cycles, Not Our Fault, makes mention of the fact that people have not learned from their past mistakes. The mistakes the article is discussing is that of the current plans for bailouts. People blame the current crisis on greedy capitalists or financial deregulation but fail to realize that these bailouts will further exacerbate the problem. There have been many lessons throughout the early 20th century given by world renowned economic thinkers and their teachings have been discarded and replaced by flawed methods of thinking government intervention, protectionism and other such ridiculous policies.