You can’t get angry at wizz or Ryanair for what they are. A market gets the airline it deserves. Only when government intervenes does the market get distorted. Low cost carriers are merely filling a need ignored by other providers. It is not one or the other. Obviously, they’ve demonstrated there is room in the airline market for choice, and we should celebrate that.
The crash of 29 became a depression due to government intervention. Roosevelt created tons of socialist programs that we suffer from to this day. All that government intervention is what turned a recession into a depression. Big difference. Look up the crash at the beginning of the 20s. It self corrected in 1.5 years and was followed by very prosperous years due to the hands-off approach by the government.
2008 is another example of government intervention. Why do you think banks where so loose with lending? Artificial interest rates, set by the Fed muppets, and not by the markets. And when the banking system collapsed, how many banks where allowed to fail? Certainly not enough. And who purchased all those worthless mortgage backed securities? The government’s very own Fannie and Freddy. Which is why those banks took such major risks, they knew the Fed would bail them out. Not very free market if you ask me.
Since then, the government went and did the exact same thing with student debt, auto loans, and credit card debt. As well as re-inflated the home debt bubble to double the size it was in 2008 when it burst. All four of these bubbles are now sitting in the 1.5ish trillion range.
Like i said previously, we have run out of road. If dropping money from helicopters worked, then why not do it all the time? If QE worked, then why are we still QE-ing 12 years later? Why are major economies at negative interest rates (Japan, Europe) Why is the US at 0% interest rates? Do you pay 0% on your credit card? CC rates are not controlled, and are an indicator of the true value of renting money. And it is where all interest rates will need to go when the final buzzer sounds.