"Is that your final answer?"
Krugman's column today: "And free-market orthodoxy dies hard. Just a few weeks ago Henry Paulson, the Treasury secretary, admitted to Fortune magazine that financial innovation got ahead of regulation — but added, “I don’t think we’d want it the other way around.” Is that your final answer, Mr. Secretary?"
posted by VMM at 12:33 PM
2 Comments:
Here is my view:
The movement of money is akin to the weather. It is boring, interesting, sometimes dramatic and if you work with it well it can have substantial benefits.
That doesn't mean you don't build houses to shelter you, or dams to control flooding, or put on raincoat, or store grain, or what close the damn door so you don't let all the heat out. That's what I call regulation.
The free-trade ideologues are the hedge-fund wielding capitalist equivalent of that particular breezy kind of hippie that affects a moral objection to socks. And I don't believe in a faith-based, Deadhead economy.
And that final paragraph is our quote of the day...
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