[FoRK] Demonizing the hedge funds...

Stephen Williams <sdw at lig.net> on Wed Apr 23 00:34:15 PDT 2008

I think that the core problem is that if the government and society 
won't let the real risk takers take the full hit of the risk when it 
goes south, then it wasn't really free market to begin with.

In other words, when, directly or indirectly, risks are backed up with 
government rescue or indirect pressure that causes other better players 
to rescue the loser, then you already were in fractionally socialist 
territory.  Given that, it is not totally irrational to consider putting 
that safety cushion up front.

In theory, they were exposed totally, but not in reality.

Anyway, saying that the hedge fund played a critical role in the housing 
market seems pretty neutral and true.  So what?
Things used to be more regulated, which caused certain problems, and are 
now less regulated and caused other problems.
I don't see your great left wing conspiracy in talking about it.


Jeff Bone wrote:
> A demon of our own design no doubt, but...  the left's vitriole is 
> laughable.  For all that I've railed about the vast right-wing media 
> conspiracy, the left doesn't get a free pass.  Check out NPR's latest 
> anti-hedge fund propaganda:
> http://www.npr.org/templates/story/story.php?storyId=89723375&ft=1&f=1012
> Riiiight...  if only we had a centrally-planned economy, a 
> nationally-mandated set of exchange rates, and "from each according to 
> his ability, to each according to his need..."  ...we'd be in great 
> shape.  That's worked so well every other time it's been tried.  Sure.
> It's like bitching about the fucking weather.  Or rather, like 
> bitching about fucking evolution, more precisely.
> jb
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