Friday, August 2, 2013

George F. Will: Detroit’s death by democracy - The Washington Post

George F. Will: Detroit’s death by democracy - The Washington Post: "But Detroit failed long ago. And not even Washington, whose recklessness is almost limitless, is oblivious to the minefield of moral hazard it would stride into if it rescued this city and, then inevitably, others that are buckling beneath the weight of their cumulative follies. It is axiomatic: When there is no penalty for failure, failures proliferate."

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