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Updated: May 4, 2025
Had labour been thus misdirected by any private capitalist, his misdirection of it would have soon been checked by his loss of the means of continuing it; but the County Council, with the purse of the community at its back, was able, by taxing the industrial successes of others, to refinance and prolong its own industrial failure. Socialists wholly overlook the importance of these considerations.
Within the next two hours he had politely but firmly declined to buy a partnership in a string of bucket shops, to refinance a defunct irrigation company, to invest in a Florida plantation, to take a tip on copper, and to back an automobile factory which was to enter business upon some designs of a new engine stolen by a discharged workman.
If it did not go through on the first financing then the idea was to "refinance." The process of "refinancing" was simply the game of sending good money after bad. In the majority of cases the need of refinancing arises from bad management, and the effect of refinancing is simply to pay the poor managers to keep up their bad management a little longer.
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