A better stimulus plan

From a quarter millennium ago:

“that they deceived every man into his own ruin; and ruined the nation, to enrich the directors and themselves: They sold their own stock, and that of the directors, under false and fictitious names, contrary to the obligation of their bond to the City, which obliges them to declare the name of the seller to the buyer, as well as the name of the buyer to the seller; for they knew that no man would have been willing to buy, had he known that the brokers and directors were in haste to sell. Thus they used false dice, and blinded men’s eyes, to pick their pockets. “And surely, Mr. Ketch,” says the counsellor, “if he who picks a man’s pocket is to be hanged, the rogues that pick the pockets of the whole country, ought to be hanged, drawn, and quartered.”

3 comments so far

  1. Phil on

    Michael,

    An interesting quote, what’s the reference?

  2. Ted Seeber on

    Cato’s Letters?

  3. mperelman on

    Excellent! You got it.

    Ketch, John. 1721. “A Letter From John Ketch, Esq. Asserting His Right To The Necks of the Over-Grown Brokers (18 March).” No. 21 in John Trenchard. Cato’s Letters, or Essays on Liberty, Civil and Religious, and Other Important Subjects. Four volumes in Two, edited and annotated by Ronald Hamowy, Vol. 1. November 5, 1720 to June 17, 1755 (Indianapolis, IN: Liberty Fund, 1995): pp. 91-95.
    http://files.libertyfund.org/files/1237/Trenchard_0226.01.pdf


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