Dealing With Good And Bad Decisions
"(F)irms that made wrong decisions should fail . . . You shouldn't rescue them. And once that's established as a principle, I think the market recognizes that it makes sense. Everything works much better when wrong decisions are punished and good decisions make you rich. (The trouble is) that's not the way the world has been going in recent years."
--- Anna Schwartz, co-author, with Milton Friedman, "A Monetary History of the United States" (1963). "the definitive account of how misguided monetary policy turned the stock-market crash of 1929 into the Great Depression."
HT Wall Street Journal Interview