Thanks to KC Trader for bringing this site to my attention. There are probably a few more gems here but The Warning is the first one I watched.
It's a great piece with many facets.
The first being that government consists of paid morons, the second that you cannot allow the foxes to set the rules in the hen house, and the third, we don't seem to learn from our mistakes.
Also interesting to note they drag out the ghost of Ayn Rand once again to "prove" all her theories are wrong. What Rand's critics always fail to make note of is she would never approve of any government intervention for a failed company. In a capitalist system they must, MUST, go bankrupt.
If LTCM had been allowed to go under maybe we would have learned something then that would have changed the course of the future we have just lived through.
Or not.
If we as a society deem that an institution truly is "too big to fail" then they cannot be allowed to exist as private companies.
They must be nationalized.
I don't believe they are too big to fail, but it seems everyone else does. After we bail them out and yell at them for a while everyone goes back to sleep until the next bomb goes off.
I'm all for regulating the marketplace and derivatives should only be allowed to trade on an open market, but after that, let the chips fall where they may.
4 comments:
Found the embed code.
Interesting video (and factually inaccurate).
If one follows the Rand / Adam Smith (and then Mises) philosophy, the inescapable conclusion is that Greenspan and these so called libertarians bastardized Rand's thinking and mixed Mises' Austrian thinking with Keynesian nonsenses.
Now, everybody thinks Randism (Austrian School) is another face of Keynesism (which couldn't be further from the truth) and is the enemy.
That is the real tragedy for future generations.
The bottom line for me is the market will "regulate" capitalism for us. It does this very nicely and without fault. The problem is man cannot stand the consequences that the market brings to bear. So we socialize the losses while allowing the profits to stay private.
Then we all complain about it.
Disgusting.
Well put, our failings (not individually but as a frenzied mob) towards unaccountability and responsibility continue to deepen the morass.
I see no end to it, It's always the bankers fault, or the corporation, or big oil. There is always a bogeyman....when is it ever our fault?
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