>> "I can't imagine he'd say 'do nothing. Let markets work' ... He was not an >> ideologue," Reny said. "I don't think he'd say any regulation here is >> wrong." <<
raghu wrote: > It is a fair bet that he'd say, the crisis was the government's fault. > The markets were just not deregulated enough. The witch doctor can > never lose; if you didn't get cured you just didn't have enough faith. yes. The MF wasn't totally against regulation. What do you think controlling the money supply is about? originally, he favored 100% reserve requirements on bank deposits, which is a pretty strong regulation. Since money supply control (including 100% reserve requirements) doesn't work as desired, the MF would blame the government (or its avatar, the Fed) for its inadequate policies. They'd be blamed for the real world's inability to fit the standards set by the ideal world. -- Jim Devine / "Nobody told me there'd be days like these / Strange days indeed -- most peculiar, mama." -- JL. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
