Is Free Market Capitalism Possible Without Accountability?
If Obama is serious about restoring confidence in the system, why haven’t there been indictments? Is it really possible that no one will be charged in, what may turn out to be, the biggest incident of financial fraud in American history? YS–What helped get us in trouble was this whole slippery “free market” concept. The media and public have been indoctrinated to see “free markets” as virtuous, without defining what they mean. When the notion started to be bandied about back in the Cold War days, it seemed obvious what people meant; private ownership and no central planning. Now the phrase has developed a life of its own and has is used to express opposition to government intervention of any kind, including regulations. Would you really want to live in a country where it was OK to sell adulterated meat? Rules of various sorts are needed to make markets function well. It would be useful to try to get a better grip on what a healthy level of regulation and oversight would be, since it’s
If Obama is serious about restoring confidence in the system, why haven’t there been indictments? Is it really possible that no one will be charged in, what may turn out to be, the biggest incident of financial fraud in American history? YS–What helped get us in trouble was this whole slippery “free market” concept. The media and public have been indoctrinated to see “free markets” as virtuous, without defining what they mean. When the notion started to be bandied about back in the Cold War days, it seemed obvious what people meant; private ownership and no central planning. Now the phrase has developed a life of its own and has is used to express opposition to government intervention of any kind, including regulations. Would you really want to live in a country where it was OK to sell adulterated meat? Rules of various sorts are needed to make markets function well. It would be useful to try to get a better grip on what a healthy level of regulation and oversight would be, since it’s
