I strongly recommend that you read "The 10 Days That Changed Capitalism" from yesterday's Wall Street Journal. It is an excellent article which, in my humble opinion, raises some very important issues. When should the government get involved in our market system? Is this different than when FDR took extreme measures and how? Does this create a system which guarantees the ability of investment banks to continue the way they have without real consequences? What is the responsibility of government in a democratic republic.
What happens when the Fed lends our investment banks over 31 BILLION per day in three days without a true idea of the collateral they hold? Where is Congress and our representative government in this? This is probably one of the most astounding examples of government activism in history.
Clearly, there needs to be some regulation. And man, will there be. I am almost thinking my ban on more lawyers in our house. But how and when do we intervene in our "free market" system? And who will pay for it later?
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1 comment:
You're right. It's a great article.
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