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Politics : Ask Michael Burke
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To: Skeeter Bug who wrote (116043)9/28/2008 3:09:06 PM
From: Freedom Fighter1 Recommendation  Read Replies (1) of 132070
 
skeeter,

>i'd be interested to hear your thoughts on how all that deregulation (ie, closer approximation to free market) worked on wall street.<

I already expressed my thoughts on this.

Once a country chooses to have a central bank and activist government that makes laws that favor certain businesses, business decisions, investment decisions etc..., it ceases to have free markets or a sound monetary system.

So the question of whether the lack of regulation caused this is irrelevant to free markets. We don't have free markets PERIOD!

I think you have to regulate a system like we have because the errors of government and central bankers combined with unsound money allow the creation of extraordinary excesses and wealth transfer by greedy and corrupt people inside government and the private sector.

If we had sound money, the excesses would have been short circuited by higher interest rates years ago no matter how corrupt, greedy and unregulated the system was. We would have had a short minor correction. The "real" reason we switched to this ass backwards monetary system was to avoid the limits on excess and wealth transfer that a truly free market would put on corrupt government and financial elites.

You can't beat up and blame something we don't have for the failings of what we do have.
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