The fact that sales at Starbucks are going down, while sales at McDonald’s are going up, shows that people are adjusting to economic adversity by cutting back their spending. Only in Congress do people adjust to economic adversity and growing deficits by spending more money.
It is fascinating to see that politicians whose interventions in mortgage lending have created a disaster in financial institutions are now moving on to intervene in the automobile industry.
Wal-Mart has done more for poor people than any ten liberals, at least nine of whom are almost guaranteed to hate Wal-Mart.
A few random thoughts from Thomas Sowell.
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