In response to:

Greed

davishipps Wrote: Oct 24, 2012 3:21 PM
This is patently false. Banks and the financial sector in general are already heavily regulated. That's part of the problem. The comment below from Greenspan about banks regulating themselves is absurd (and he knew it). The banks were encouraged and even ordered to act against the interests of their customers by the very regulatory agencies you claim are required. They were encouraged to ignore their self-made criteria for loans and financial products and instead offer much more risky ones, with the implicit understanding that government would bail them out. Crony capitalism can't be fixed by government. Government is the cronies.
On TV, my Fox colleague Bill O'Reilly says, "The recession was brought on largely by greedy Wall Street corporations."

Give me a break.

Bill's smart. If he believes such things, we who care about freedom have done a poor job communicating economics.

Blaming problems on "greed" is a mindless cliche.

Yes, Wall Street was greedy -- but that's nothing new. Greed is a constant. Did you ever turn down a raise? We need a free market because it restrains greed. Laws against theft and fraud help, but competition does more. With this election approaching, and statist, eager-to-regulate candidates in ascent, we...