This article attacks the current attempt to create new regulations without actually providing any alternatives to fixing the problems in the financial system. The author states:
"If we want to restore our economic freedom and recover the wonderfully productive free market, we must restore truth-telling on markets."
Yet the author provides no ideas or suggestions on how this is to be achieved. Even Alan Greenspan, former champion of the free market said this about the greediness of Wall St, "Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief." The author wants to restore something that was never there.
Since people (especially bankers) have proven time and time again that they will act in their own, immediate, self interest, this simply comes off as a rant by someone who's quite satisfied with the current state of affairs (cronyism included) and doesn't want anyone messing up his (or his cronies') cash flow.
"If we want to restore our economic freedom and recover the wonderfully productive free market, we must restore truth-telling on markets."
Yet the author provides no ideas or suggestions on how this is to be achieved. Even Alan Greenspan, former champion of the free market said this about the greediness of Wall St, "Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief." The author wants to restore something that was never there.
Since people (especially bankers) have proven time and time again that they will act in their own, immediate, self interest, this simply comes off as a rant by someone who's quite satisfied with the current state of affairs (cronyism included) and doesn't want anyone messing up his (or his cronies') cash flow.