Quote:
Originally Posted by Mark M
and the "free market" once again proved that it does not self-correct -- it takes as much as it can, ensuring to privatize the profits and socialize the losses.
Don't get me wrong -- free market theory is wonderful. But unfettered free market capitalism in reality has been proven to do major damage. We really need a middle ground -- free market ideas and spirit, but with enough guidance to avoid exploitation, yet at the same time also not horrifically constrictive.
Again, that's my understanding of it based on my professional experience. Take it for what it's worth ...
MM
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I disagree that the free market does not self correct. It does, but in a brutal way. The impending collapse of the financial system was the free market correction. The impending collapse of the US auto industry was the free market correction. So far we are choosing government intervention instead of allowing the free market correction to take place. Largely because the free market corrections are too painful to bear. I agree with you that we need a middle ground. One problem we have now is that the same people who want free markets on the up swing (Wall Street and Detroit) want government intervention on the down swing. Then the have the audacity to want free reign to do what they want with the bailout money with no accountability.