Mises Daily

In his own critical work, Hayek was not satisfied with a challenge to the main thesis of an opponent. He responded to every argument advanced in the adversary's work.

Meanwhile, such a system of "extended liability" for homeowners would have prevented the extra stress on banks caused by negative-equity defaulters. Because these people would know they are paying back the full sum either way, they would instead keep the house and pay back the (albeit, exorbitant when considering the plummeting value of their home) debt over time — perhaps while keeping their home, if they had proof of income.

"It's the government that operates without oversight."

"The 'paradox of thrift' is actually an essential liquidation process that characterizes economic corrections."

Right now, as the economy reshuffles, there are more opportunities to generate change than ever — the kind of dynamic change that we need to grow out of this slump.

In 1956, Mises showed how the supposed failures of the market economy were failures of the state and documented the traits of anticapitalism. In 2009, the facts have changed but the message remains the same.

"The only way to oppose a bad idea is to replace it with a good idea," Kemp said.

"This plan would also set a dangerous precedent for American industry in general."

Private enterprise could have handled production of military goods better than controls actually did.

A strong central bank is the creator of, not the cure for, inflation and the business cycle.