The rotting corpses of several large corporations are attracting the vultures. The vultures are circling. From time to time, one of them flies down, lands next to a body, and begins picking away at its flesh. Vultures need a steady supply of corpses. That old poster is accurate: one vulture saying to another, “If things don’t change, we may have to kill something.” The crucial investment question today is this: “What caused these companies to die?” The answer is not greed. Greed is present in all societies at all times. These companies died in 2002. Why? K-Mart went bankrupt because … Continue reading Rothbard Was Right, Gilder Was Wrong