On Jan 31, 2013, at 8:54, Edmund Storms <[email protected]> wrote:
>> Take the mortgage melt down in 2008 and following, do you think any >> intelligence was used by the financial industry. Yet these people almost >> collapsed the financial system of the West, which has led to the present >> financial situation. Stupid people now have the power to stop civilization >> in its tracks. Some of the world's smartest minds worked together to produce the financial collapse. They had an implicit faith in the assurances of free-market ideology and laissez-faire, which they had unquestioningly imbibed since childhood, and they based their rent-seeking behavior on those assurances with religious zeal. What they lacked was simple common sense and concrete incentives to avoid actions that are harmful to society. Eric
