The Free Market Doesn’t Work?
I’ve been reading Barry Ritholtz at The Big Picture, and he and his co-authors mostly think that free markets don’t work. I find this very curious. They have excoriated Free Market proponents for promoting the free market and they insist that “regulations” need to be in place.
Maybe I haven’t been following closely enough, but I still don’t know what these regulations are. There are rules in place already, so having some of them removed shouldn’t cause people to lose their minds and kill their companies. Also, it seems that the one rule to which no one is paying any attention is fraud. With junk bonds of real estate mortgages turned to AAA beauties by non-existent insurance, why are we not seeing all these people who issued, backed and sold this bogus insurance being tried for massive fraud?
Like I said, I may be missing something, but it doesn’t seem like a misunderstanding of market principles got us into this mess… not going after those who acted criminally, that’s what got us into this financial mess.
