The financial network’s tea party rabble rouser and sparring partner
to economist Steve Liesman said, Warren Buffett had talked that morning
about reading Timothy Geithner’s new book Stress Test: Reflections on Financial Crisis and the Oracle of Omaha said maybe the government saved the world back in 2008.
Santelli highlighted chapter six from Hazlitt’s great work where he
wrote that if government makes loans, that private lenders won’t make,
to entities that can’t pay back, economic signals get destroyed, and
chaos ensues. Hazlitt also emphasized that all credit is debt.
Another Hazlitt fan, Jim Grant of Grant’s Interest Rate Observer,
delivered the Henry Hazlitt Memorial Lecture in Auburn, Alabama less
than a week after Santelli’s comments. Grant said, “I can’t imagine
what the world would be like without Economics In One Lesson.”
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