Adam Smith responds to Bank Bailout!

From: Casino Crash

David Sogge writes:

Many know the Adam Smith remark (1776): "People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public…"     But Smith wrote other things that Wall Street types would choke on, including some remarks pertinent to the bailout plan  railroaded at high speed through the US Congress at their behest.

Here are last two sentences of Book I of Smith's Wealth of Nations:

"The proposal of any new law or regulation of commerce which comes from this order [profit takers], ought always to be listened to with great precaution, and ought never to be adopted till after having been long and carefully examined, not only with the most scrupulous, but most suspicious attention. It comes from an order of men, whose interest is never exactly the same with that of the public, who have generally an interest to deceive and even to oppress the public, and who accordingly have, upon many occasions, both deceived and oppressed it."

Source:  http://economistsview.typepad.com/economistsview/2008/10/creed-of-greed.html