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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Steve Lokness who wrote (37940)	5/26/2007 4:28:09 PM
From: Dale Baker	Read Replies (1) \| Respond to of 542262

So how does our current financial system work with no regulation or oversight? I'd be interested in hearing how the banking system, credit cards and financial markets would function in a completely laissez faire, caveat emptor situation. No FDIC, no bank oversight, no usury limits, no audited SEC filings, no licensing or oversight at brokerages and so on. Still want to put your money into that? You are mixing whether politicians are doing something that can hurt the currency with the value of generally regulating the currency and the system that it circulates in. A few bad teachers don't negate the value of public education, nor does a bad set of fiscal policies negate the modern US financial system. This is where libertarianism fails to reach most people - they say just scrap it all and let the free market sort it out. It's a recipe for chaos, which people dislike as much as the idea of gasoline taxes.