>Charles: So actually, all of those innocent
>people were taking the risk with the
>rich person, and they should have been
>compensated for taking risk too, no ?
I'm not talking about LTCM partners or investors or lenders, but about the risk that the entire financial system might implode, including your pension as a public employee.
>But my question is somewhat
>rhetorical. I didn't mean that you,
>Doug Henwood, should have
>to justify Greenspan's statement.
Hey, I'm here to justify Greenspan's ways to man.
>I am thinking more that the next
>times bourgeois propagandists
>justify huge income by the
>idea that the rich supposedly
>take more risks, left economists
>should debunk it with the many
>examples that disprove this
>myth.
It's not risk, it's expoitation. Only bourgeois financial theorists price capital mainly by risk.
Doug