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To: JRI who wrote (11059)	3/1/2001 10:01:44 PM
From: LLCF	Respond to of 13572

< (highway system- was that really a bubble? not that I'm aware....water/sewage system implementation....)...> No, you're right, those were public projects... no goldrush in. <Does unfettered capitalism/financial system produce the maximum benefits and the quickest, broadest implementation in such important, historic products/services- ....or does, by the inevitable "bubble" nature of the financing/speculation of these projects if the free market is allowed to do its thing........does it lead to such a disruption (post-bubble)...that, indeed, some careful, well-though regulation would have been better indeed.....> IMO it's at least partly 'regulation' that caused the problem in that the Fed is government... Greenspan had money WAY too loose for way too long. This thing should have shaken out earlier. That said, I still believe that 'mal investment' is inevitable... it's as simple as someone putting up one too many shoe stores on main street, one eventually goes out of business. As for the cell phone example, I'm not really qualified to address fully, although after the 3G licence bidding it doesn't appear that their tact has avoided mal- investment that must also be cleared out {ie. bankrupcy} in the coming years. On the other hand the wireless bubble has created services and products much quicker for the consumer than would have happened if the projects actually made economic sense... and they will eventually end up changing hands at prices that do make sense. :) DAK