[FoRK] Large Euro, US Banks On The Brink
bill at wstoddard.com
Sun Sep 28 19:27:49 PDT 2008
Michael Cummins wrote:
>> If "Clinton's policies" were responsible for this, he's got a mighty
>> long reach.
> I'm actually less trying "to figure out who's to blame" and more "knee-jerk
> - I feel like I'm being hoodwinked - what's going on - knee-jerk".
> As I recall, around the 2004 elections, if my memory serves me well enough,
> G.W. promoted quite happily that more minorities owned their own homes since
> he had taken office, credit to things like the C.R.A. more so his specific
> policies, I cynically suspect.
> Still. The smell of graft is thick in the air right now, and it's got my
> Not that I matter much in the scheme of things :)
> I'm a just a tiny reddish-purple speck in the heart of a very blue county.
> I am, however (a small business owner / employer / mortgage holder) whose
> customers are being bled dry by this fear economy and credit crunch, and I
> can feel the undertow pulling at my feet.
> Thanks for the bits! :)
I have a silly notion that this problem has roots in banking industry
deregulation (circa Phil Gramm). I'd like to hear some thoughts here...
am i way off target?
I have another notion that 'free market' policies are only 'good' when
the market a particular policy most impacts is reasonably efficient (or
has a relatively direct, short path to becoming efficient). Many
people have what I'd almost classify as blind faith in the belief that
'free markets' is the solution to all problems. That faith is misplaced
imho...as there are (i believe) situations when 'free market' policies
(ie, deregulation or insufficient regulation) might not be appropriate.
Assertion: 'free markets' which are not reasonably efficient are not
really 'free markets', they are something else. What are they and how
do you characterize them? Sniff test: If deregulating a market
introduces opportunity for a few to make massive profits, then the
market is not efficient. When considering deregulation, should effort be
spent to understand how the market will become efficient? Or, perhaps,
does the structure of the market present barriers to it ever becoming
'efficient' (ie, less profitable)?
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