Expecting a raging forest fire burning out a village to change
course and put itself out before destroying more homes.
Well, a forest fire IS likely to burn itself out, after devouring thousands of acres and who-knows how many homes.
Yes, the forest fire will stop, when it has no more fuel ...
The Free Market will "correct" itself when it crashes, after enormous damage to the nation, to the economy and to millions of people who've been "burned out" by the conflagration fueled by the greed of Wall Street Jockeys, the vanity of the hyper-rich and the wannabe desires of millions more who believe themselves to be "just a heartbeat away from being a millionaire."
The economy, like forest fires, needs regulation ... too much, and the economy slows down, of course ... too little, and the economy runs wild and consumes everything in its path.
Those who believe the Free Market will correct itself are idealists, dreamers and romantics, assuming that the Market and the forces of greed driving it will somehow suddenly develop a conscience, a heart, something loftier than its own aggrandizement.
History stands against these utopian dreams.
Theologically speaking, those who believe in a Free Market Utopia need a good dose of Calvinist reality - sin drives remorselessly toward absolute dominion, and without regulation, restraint, management, will devour everything around it, including itself.
FDR understood this ... and the best and wisest economists also know this to be true.
Like a Fire Jumper, FDR got ahead of the flames, cleared a firebreak, and brought it to a halt, after the crash and burn of a Free Market feeding frenzy.
Good economies have plenty of regulatory devices to keep the economy, like Goldilocks' porridge, not too hot, not too cold, but just right.
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