Saturday, December 13, 2008

An apt metaphor for the auto bailout: "burning the furniture to stay warm"

From the Mises Economics Blog:
Think of General Motors as the metaphor of the Keynesian economy in one
company -- massive simultaneous spending on unsustainable capital
investment and unsustainable consumer consumption. Or as Bloomberg
reporters Doron Levin and John Helyar describe it, "burning the furniture in order to stay warm."

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