Doug Henwood wrote:
> James Farmelant wrote:
>
> >A short while ago I was watching some of Al Greenspan's testimony
> >before the House Banking Committee concerning hedge funds.
> >Greenspan was arguing that hedge funds should be regulated by
> >the free market rather than by the government but as Barney Frank
> >pointed out this argument was inconsistent with his defense of
> >the government's facilitation of the bailout of LCTM. Apparently,
> >for this one-time disciple of Ayn Rand government intervention
> >is fine when it benefits wealthy investors.
>
> Oh, but there was systemic risk! If you're really rich & you fuck up, you
> can take out enough innocent bystanders that the government just *has* to
> step in, you see. With the less fortunate recipients of public welfare, the
> morally debilitating effects of dependency are foregrounded.
>
> Doug
--
Michael Perelman Economics Department California State University michael at ecst.csuchico.edu Chico, CA 95929 530-898-5321 fax 530-898-5901