“On the premise that a free banking system inadequately served the poor, the Federal Reserve was formed.
On the premise that welfare spending is too important to be tied down to an objective system of money, the gold standard was abolished.
On the premise that taxpayers have a moral duty to bail out needy banks and careless depositors, the FDIC was established.
On the premise that we all have a moral duty to help needy, low-income families 'achieve the American dream,' the GSEs like Fannie Mae and Freddie Mac were established.
On the premise that Americans have a moral duty to preserve America’s financial institutions, Washington is now nationalising them—ensuring the full politicisation of lending, a perpetual flight of private capital, and an endless drain on taxpayers’ wallets.”
- Richard Salsman, from his article ‘Altruism: The Moral Root of the Financial Crisis’