Quote of the Centurty
- Thread starter 50_Bip
- Start date
I can't stand the guy (Milton Friedman) Blind faith in the private sector is what got us into this mess. I don't believe that anything managed by private sector is inherently superior to public sector. I think it is more dependent on a)People b) policies of those people
Since you are desperately trying to be an asshole here, in order for me to negate someone else's absolute belief I had to use the phrase "I don't believe" I myself did not specify an absolute but instead qualified it that it depends on who is running the show.
I could care less what 99.9% economists believe. I dispute that figure as well.
Laissez-faire did not work out too well in 1929 and as a result some new regulation was introduced. The fact that general margin levels for stocks are regulated by the federal reserve is not consistent with Laissez-faire principles.
Tulip Mania was also an expression of Laissez-faire, did not work out too well did it? Collective delusions create massive economic damage in order to prevent bubbles you need someone proactive at the fed or an equivalent institution.
National Road To Bankruptcy
Laissez-faire only exists in fantasyland. Uttering the words "real world" into the econmics department at any university is the equivalent to swearing in church.
How much was oil up yesterday, over $25 at one point? And why? Speculators were caught short. Wasn't the price of oil solely dependent on supply/demand?
Enron. Supply and demand were supposedly out of whack earlier this decade due to many factors that were cited by economists; ranging from Gray Davis not expanding the grid to the dot com era creating more demand for electricity with all the new companies formed. Heaven forbid some Texan is creating bogus shortages.
Laissez-faire only exists in fantasyland. Uttering the words "real world" into the econmics department at any university is the equivalent to swearing in church.
How much was oil up yesterday, over $25 at one point? And why? Speculators were caught short. Wasn't the price of oil solely dependent on supply/demand?
Enron. Supply and demand were supposedly out of whack earlier this decade due to many factors that were cited by economists; ranging from Gray Davis not expanding the grid to the dot com era creating more demand for electricity with all the new companies formed. Heaven forbid some Texan is creating bogus shortages.
No, it was the FED that created this bubble with 2% interest rates for years.
Bubbles are made and popped via money supply. I suggest u study up.
The only "Failing" of the Private Sector is that it was engineered on a Moral Hazard (banks own the FED).
So there is no accountability when things go South if most Fed bank are caught on the wrong side.
Get rid of the FED, go back to hard money (don't care what), and you'll see a lot of banks and lenders become far more prudent and conservative overnight
When there's no risk to risk, people make stupid decisions.
The key is to make Banks financially accountable again. Remove the Moral Hazard.