> RoMunn wrote: > So did it bet the farm on derivatives to try and recapture lost glory? Is > that all, in the end, this story is really about- basic greed? >
So here's your evolution moment. It's here. The answer is yes, and without regulation the resulting market failure is beyond all of our tolerance. Put more broadly: The US labor market, with the last 25 years of deregulation, has migrated it's training and it's best people to financial services. To a place where our best and brightest built a super complicated pile of shit. The invisible hand made a big, stinky pile of shit. And now we've got a whole culture around this - which as far as I know you're still mentally part of - which all needs to be dismantled. In other words, we need regulation to ensure we don't have any more market failures. That doesn't mean any of your hyperbolic socialism, but it does mean a loss of freedom because, in the end, market freedom means market failure. Thus the "new regulation" needs to ensure that our country's resources are being used to create wealth: doctors, entrepreneurs, scientists, etc If we don't do that, then it's just a matter of time to the next crisis assuming we make it out of this one. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;207172674;29440083;f Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:292392 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.5
