Remember “Those who cannot learn from history…?”

“What we learn from history is that we do not learn from history.”

– Benjamin Disraeli

This was quoted in a Barron’s article outlining how some of the blame for the current economic situation falls at the feet of our current purported savior:  the U.S. Government.

I’m a big fan of less government in our lives.  However this article indicates that less government oversight of the financial sector allowed the markets to essentially run amok, from Wall Street, to insurance, to the mortgage companies.  Does that mean that we should jump to the other extreme and allow government to dictate terms to these companies (e.g. telling AIG they cannot give millions in bonuses that they are contractually obligated to pay)?

To be honest, I don’t know the answer to that question.  But I feel the answer lies somewhere in between.

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