[quote=HLS]There are still people hanging on to what they bought at an inflated price but don’t want to sell because they don’t want to lose money. Sound familiar ?
Sadly for them, they don’t even know what the wash rule is and that the govt will share in their loss.
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More than one hundred years ago, John Stuart Mills observed: “Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal in hopelessly unproductive works.”
In that regard, there will be a hefty long term cost to save the reckless and incompetent. The government is not just delaying the inevitable, it is in fact exacerbating the ultimate damage by throwing good money into very unproductive uses.
