The madness of crowds again: 4/4: When Politicians Panicked: The New Coronavirus, Expert Opinion, and a Tragic Lapse of Reason by John Tamny (Author), George Gilder (Foreword)
The John Batchelor Show
John Batchelor
4.5 • 2.8K Ratings
🗓️ 13 March 2023
⏱️ 11 minutes
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Summary
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The madness of crowds again: 4/4: When Politicians Panicked: The New Coronavirus, Expert Opinion, and a Tragic Lapse of Reason by John Tamny (Author), George Gilder (Foreword)
https://www.amazon.com/When-Politicians-Panicked-Coronavirus-Opinion/dp/1642938378/ref=tmm_hrd_swatch_0?_encoding=UTF8&qid=&sr=
When Politicians Panicked tells the tragic story of how, in response to a spreading virus, global politicians mindlessly pursued economic desperation, starvation, and death as the cure.
The global economy was booming as 2020 dawned, but within a few short months wreckage, death, and desperation borne of economic contraction were the new normal. What happened?
In When Politicians Panicked, economic commentator John Tamny tells the heart-wrenching story of a time when politicians were tragically relieved of basic common sense in their response to the new coronavirus.
Transcript
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| 0:00.0 | I'm John Bachelord. This is the new John Bachelord show on CBS Audio Network and John |
| 0:13.8 | Tamning, his new book When Politicians Panicked. The new coronavirus, expert opinion, and a tragic |
| 0:20.4 | lapse of reason. John, two examples you provide about the payroll protection program and |
| 0:26.2 | the grants to businesses. Sidwell Friends, the distinguished private school in Washington with |
| 0:33.4 | a, with an endowment, I think, more than $50 million received $5.2 million from the government |
| 0:40.1 | programs, the combination of them. The John Burrow School of St. Louis received another |
| 0:45.3 | distinguished private school, received 2.55 million. There are many examples of excesses, |
| 0:51.0 | people who applied. But the payroll protection program, did it work, John? Does, does |
| 0:56.5 | government have an opinion of it today? Because as we know, they continue to vote more and more |
| 1:02.1 | money to be handed out to their, their idea of who needs it. |
| 1:06.7 | Um, if, if something worked because maybe it saved a few businesses, sure, perhaps, but that's not a |
| 1:16.3 | worthy, worthy way of looking at it, because we always have to ask what businesses died, what |
| 1:21.0 | businesses never got funding, because government was just indiscriminately propping up anything |
| 1:26.2 | that had an effective strategy for, for going online and, and asking for P.P. money and working |
| 1:32.1 | through a bank that, that, that was well tied to the government and it was able to get that money |
| 1:36.2 | out to them. Again, we'll, we'll never know, um, what, what, what would have been otherwise, |
| 1:41.2 | and it would have been much better because rather than government as the allocator |
| 1:45.2 | indiscriminately propping up private schools, propping up Harvard, propping up the |
| 1:49.2 | Los Angeles Lakers, we would have had actual market forces at work. You, the Federal Reserve had |
| 1:54.8 | its own version of P.P. P. I think it was called Main Street Lending, uh, providing large sums of |
| 2:01.1 | money to businesses to stay open. It appears, John, a year later, that there was much, much attention to |
| 2:09.0 | jobs, to the loss of jobs, then there was to the value of sustaining businesses that were troubled |
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