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Politics : The Castle
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To: tejek who wrote (3024)3/9/2004 7:12:51 PM
From: TimF  Read Replies (2) of 7936
 
"Caused what problem? The crash itself, the depression what?"

The crash.

I agree with CH that market crashes are caused by "The intersection of stupidity and greed." Such an intersection will exist even with heavy government regulation both because the government can't really regulate everything (or if it can you have totalitarian government which is far worse then a market crash) and because government officials can also be greedy and stupid.

" You think that the crash or depression would not have happened had the government in say 1925 decided to regulate more?"

Yes.

Most of the post 1925 changes in law and regulation contributed to the crash and the depression. Perhaps perfectly wise regulations could have prevented or at least mitigated the crash but regulators are not perfectly wise.

Overt greed usually results in over the top speculation

Overt greed exists in even totalitarian countries.

Another flaw.....the tendency to develop monopolies or oligarchies in order to control the market and the price of goods.

I can see this as a flaw but monopolies are far more likely to form because of government action then because of its absence.

I know capitalism is a sacred cow with you but it is flawed.

I never said it wasn't flawed. In fact recently in this conversation I did say that capitalism was flawed. Capitalism, like Democracy, is the worst system except for all the others. A capitalist system will never be perfect but consistently moving away from the market will almost always bring worse results.

Tim
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