Reputation vs. regulation

I don’t have to do much to contrast the two and the ideologies that lie behind them except link to this and this. And this is what makes the sad case of Alan Greenspan even more sad.

Update: This case simply reinforces the point; the regulator and the regulated gang up on the supposed “beneficiaries” of the regulation – the cannibalistic “greatest happiness of the greatest number” principle at work. Won’t happen in a free market.

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