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Quote of the day - Economics

A great post for a different reason but this quote jumped out at me. From today's Russ Winter:

�Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works�.

- - - John Stuart Mill

So true -- look at the current banking bubble, the housing bubble, the dot.com crash, the gasoline bubble. Mill was no dummy... Posted by DaveH at August 3, 2008 1:06 PM