jpete wrote:Look at the preventable losses that occur now with the tons of regulations we have.
E coli on the vegetables. Contaminated peanut butter coming from a plant that the FDA didn't even know existed. Heck, how many deaths occur from "FDA approved" drugs?
I'm not saying the free market is necessarily "better" than government regulation. I'm saying that the 535 guys in D.C. can't possibly know how to provide the "best" products and services so why add in the middle man who doesn't add any value but just skims money off the top?
The obvious answer is it would be worse, maybe. My blood still boils when I think of the pet food companies selling poisoned cheap crap from China, and they are still in business. Neither regulation nor free market put them out of business.
We see what happened when brokerages became banks with all the flimflam schemes they came up with and still do. Do the silver and gold ETF have the metal they claim? I doubt it, and nobody checks. For that matter do the central banks have the gold they claim or only IOUs for it?
Theoretically we need a lot more regulation but as you rightly point out with the ineptness of the regulators, why bother? There was proof that Madoff was a fraud years before he was nailed. The securities commission sent a couple of kids to check and Bernie scammed them in a few hours. If it weren't for the recession he would still be scamming.
I think there is in the collective wisdom of the working people of this country a feeling that something has gone very wrong, but how could all those experts who reassure us be wrong?
Isayre posted a beautiful quote from Ayn Rand on happiness. In my own mind her work is securely grounded in biology but that was not her field so has to compete with other theories of philosophy which is the wrong venue. The hunger and need for a new religion will remain until we learn what made the old one tick.