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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Mike Johnston who wrote (88209)10/30/2007 3:10:10 PM
From: CalculatedRisk  Read Replies (2) of 110194
 
I don't want to get into a lengthy debate, but socialism is the government control of the means of production. The setting of overnight interest rates is a form of regulation.

It's fair to argue that Greenspan used the regulation incorrectly, or even that this type of regulation is unnecessary, but it confuses the argument when you label it "socialism". IMO labeling all regulation socialism makes it difficult to have a rational discussion.

There is no question that the Federal government (especially the Fed) ignored the rampant speculation and fraud in the mortgage industry. This was a lack of proper supervision and regulation - not too much.
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