No. of Recommendations: 5
http://www.nytimes.com/2007/09/10/opinion/10mon1.html

Good editorial that does actually address what I consider the underlying problem:

1) Markets do not self-regulate in any meaningful sense. (They do in the same sense that we can say the earth self regulates, even if that self regulation will involve wiping out homo sapiens in 200 years.)

2) It is completely hypocritical to insist on letting markets "self-regulate" by encouraging recklessness (aka "risk taking") and what amounts to cheating clients ("buyer beware" as the favorite right wing excuse for when doing business amounts to thievery), then bailing out the reckless and cheaters (as the TImes points out the word "bail out" is denied by the free mouseketeers).

3) Policies that encourage poor financial practices, because government can be expected to provide a bailout or to grease the financial markets, are just as much interfering with the markets as is regulation.
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