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Politics : View from the Center and Left
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To: Rambi who wrote (114129)6/29/2009 10:48:16 AM
From: Dale Baker  Read Replies (1) of 541679
 
the industry in its greed has forfeited the right to self-regulate.

Over the weekend I was thinking about the sacred cow notion that the private sector always knows how to spend and invest money better. Looking at healthcare and, more important, how the private sector collectively dumped more than a trillion dollars into high-risk crap investments that blew up in their faces and destroyed several big players, the myth of the efficient private market is just as big a myth as the perpetually efficient stock markets.

Hopefully what we see in DC now is the first step toward a sea change shift where we figure out that just like fire, police, military, education and many other functions, some functions in finance and healthcare need a strong government role too.
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