[Don’t know what an “xyz ayatollah” is? Try this Google search.]
K links to this very entertaining Rolling Stone rant on the financial crisis. The article is interesting, but putting the entire blame on a bunch of bankers, “laissez-faire ideologues” and deregulation is just not done. But people are not going to give up on the regulation mantra just yet, even after it has been proven time and again that the market will always find a way to beat any regulation that is thrown at it. Why do you think corporate lawyers, tax accountants, lobbyists etc exist? To find and create loop holes in existing laws. A piece of advice for all the donkeys braying about deregulation and how the “free market” caused the crisis. Please get your heads examined, and then buy a dictionary.
The only way to fix the “problem” is to let the market take care of itself. Then every AIG, GM, Chrysler and Bear Stearns will go bust when they make stupid decisions. But that ain’t happening. Not in the immediate future, not so long as governments subscribe to the “too big to fail” theory. That’s why this law makes sense (its a single paragraph, so will post the whole thing here)-
We all know (or should know) Rockwell’s Law: “Always believe the opposite of what state officials tell you, and the corollary, always do the opposite of what they advise you.” But here is another profound truth. This one is Richman’s Law, from Sheldon Richman, the editor of The Freeman. In his article in the March 2009 issue of Freedom Daily (not online yet) titled “The Madoff Scandal Exposes Government Failure,” Richman says: “No matter how much the government controls the economic system, any problem will be blamed on whatever small zone of freedom that remains.”
Also read this Newsweek story on how the pragmatist (Obama) is not too happy with the interventionist (Krugman), and vice versa. Obama will probably be the first pragmatist who approves precisely those measures that have been proven not to work. So much for pragmatism. Then read Russell Roberts tear Obama’s auto bailout speech to shreds. I can’t figure out who is the more intelligent of the two – Bush or Obama. And that’s not saying much. Absolute madness!