Same As History?

The article Don’t Bail Them Out, by Llewellyn H. Rockwell, Jr., is addressing the reasons for why we should not bailout companies or business that put themselves in situations that lead to their own crisis. Rockwell also goes into addressing about how the Great Depression would have, at most, lasted 18 months but instead it lasted 16 years because the government decided to help bailout the companies and business that affected the stock market. He predicts that this would be the same outcome if the government tries to help these companies, such as Freddie and Fannie, by giving them money to help them out. There is one paragraph in the article that I believe summarizes what Rockwell has to say. “What should have happened in 1929 is precisely what should happen now. Let the price system prevail! The government should completely remove itself from the course of action and let the market reevaluate resource values. That means bankruptcies, yes. That means bank closures, yes. But these are part of the capitalistic system. They are part of the free-market economy. What is regrettable is not the readjustment process, but that the process was ever made necessary by the preceding interventions.”