unclej0

The Global Oil Scam: 50 Times Bigger than Madoff

You have offered an unjustified simplification of Adam Smith's views. There is a very relevant book review in the NY Times on how the free market fails.

www.nytimes.com/2009/1...

The observable fact is that an under regulated market invites scams and is notoriously unstable. Haven't you noticed?


On Nov 11 03:28 PM stockferret wrote:

> According to Adam Smith, in a free market each participant will try
> to maximize self-interest, and the interaction of market participants,
> leading to exchange of goods and services, enables each participant
> to be better of than when simply producing for himself/herself. He
> further said that in a free market, no regulation of any type would
> be needed to ensure that the mutually beneficial exchange of goods
> and services took place, since this "invisible hand" would guide
> market participants to trade in the most mutually beneficial manner.
>
>
> How is that working out for ya?

Charlie Gasparino: Another Crash 'Has to Happen Again'

There is no great difficulty in directing taxpayer money into more useful channels than the huge bank bonuses. The government has the power to tax incomes - so put a big league tax on the bonuses. It's fair and just to do that.

Caveat: they will fight it with all of their pr and lobbying powers.