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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: AllansAlias who wrote (87544)3/29/2001 2:27:02 PM
From: pater tenebrarum  Read Replies (1) of 436258
 
well, i'm NOT arguing that leaving things to the free market would eliminate downturns. in fact, i believe downturns would be more frequent under a pure free market system. and that would be very healthy, as the excesses that have built up in the artificial boom of the past decade would never get a chance to become as big. there would be constant awareness of risk, as opposed to the free lunch/moral hazard provided by the current Fed over recent years. it is the willy-nilly credit expansion egged on by the Fed leaving rates too low for too long that has brought about the massive malinvestments now plaguing the economy and the markets. in a truly free market, this credit demand would have pushed rates much higher much earlier, thereby averting the credit excess that has brought us to this juncture.
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