Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.



Fools!?! Where?


John Succo and I write frequently about the benefits of free markets: markets in which the distorting hand of government is absent in the price discovery mechanism for stocks, bonds, commodities, heck even houses and cars. We talk too about the many costs of markets that are not free in the form of moral hazards and misallocation of productive resources. But I've never been able to relay the idea quite the way the below quote does (from today's Mises Institute daily article):

"The ultimate result of shielding men from the effects of folly is to people the world with fools." - Herbert Spencer

That is as succinct a way of describing the costs of moral hazard as I have ever read.

< Previous
  • 1
Next >
No positions in stocks mentioned.

The informatio= n on this website solely reflects the analysis of or opinion about the perf= ormance of securities and financial markets by the writers whose articles a= ppear on the site. The views expressed by the writers are not necessarily t= he views of Minyanville Media, Inc. or members of its management. Nothing c= ontained on the website is intended to constitute a recommendation or advic= e addressed to an individual investor or category of investors to purchase,= sell or hold any security, or to take any action with respect to the prosp= ective movement of the securities markets or to solicit the purchase or sal= e of any security. Any investment decisions must be made by the reader eith= er individually or in consultation with his or her investment professional.= Minyanville writers and staff may trade or hold positions in securities th= at are discussed in articles appearing on the website. Writers of articles = are required to disclose whether they have a position in any stock or fund = discussed in an article, but are not permitted to disclose the size or dire= ction of the position. Nothing on this website is intended to solicit busin= ess of any kind for a writer's business or fund. Minyanville management= and staff as well as contributing writers will not respond to emails or ot= her communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.<= /p>

Featured Videos