A friend of mine showed me a recent article from the Chicago Sun Times that quite simply and efficiently explained the importance of the free market system, and how we’re completely ignoring it with the federal bailouts:
“Paco Underhill, a retail anthropologist and author of Why We Buy: The Science of Shopping, said he expects more retailers to close, paving the way for massive change.
“‘Retail historically is about birth, life and death. It frees up space and people for more creative uses,’ Underhill said.”
In fact, that’s true of the entire free-market system, and the reason why government should not get involved in bailing out private enterprise. Economic downturns shake out the weak players and returns resources to the market for better, more efficient use. It’s a painful process, but it eventually produces strength by rewarding the best business practices and the wiser investors.
Congress, please stop making things worse.