One of the reasons why free enterprise works so well is (apologies, this is basic stuff) because of the discipline provided by the need to earn a return on the money invested. It follows that the higher the cost of that money, the higher the return that will need to be earned upon it to make the venture worthwhile. Reduce the cost of that capital to zero by providing it out of taxpayer funds, which as we all “know” are free, and that discipline disappears, even more so when there is not even a nominal requirement to make money.

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