"Leading the boom of 1838 were state governments, who, finding themselves with the unexpected windfall of a distributed surplus from the federal government, proceeded to spend the money wildly and borrow even more extravagantly on public works and other uneconomic forms of 'investment.'"
Murray Rothbard was an American economist and political theorist associated with the Austrian School. He wrote extensively on economics, history, and libertarian political philosophy and was a leading modern advocate of anarcho-capitalism.