Recently, there has been a growing chorus of right-wing/libertarian investors who suggest that we stop all this government involvement and just the let the market find the bottom (which I say is 0). Once it reaches this bottom, they argue, things will go back to normal. Along the way, they expect mass bankruptcies, but they say that is the normal course of events.
This is the same thing that many business leaders said back in the 1930s. They were led by Treasury Secretary Andrew Mellon who famously said:
"Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate … It will purge the rottenness out of the system. High costs of living and high living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up the wrecks from less competent people …"
It's funny how things never change.
