Our simplest and best answer to the whole bailout issue, it seems to me, is that creative destruction has to be allowed to take place. But creative destruction is destruction, and hurts a lot of people. When Mrs Thatcher closed down the horrendously inefficient mining and shipbuilding industries in my native North-East of England, huge numbers lost their jobs. In my home town there was 50% adult male unemployment. “Thatcher,” not the names of people who propped up the failing…

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