20-08-2014, 03:32 PM
So do you think free market is better or paternalistic governance is better? It's easy to have hindside but do you think currently Singapore is managing the property bubble better or Australia?
The philosophy and principles shapes the policies, but in general policies should be pragmatic rather than utopian either side.
The philosophy and principles shapes the policies, but in general policies should be pragmatic rather than utopian either side.
(20-08-2014, 02:18 PM)Temperament Wrote: [ -> ]//////////////////////
AN ENVIRONMENT PROTECTION AGENCY FOR FINANCIAL MARKETS
We cannot expect prosecutors alone to police markets and renew our trust in financial institutions. What else can we do to re-establish market confidence and our trust in institutions? The fear and breakdown in trust ultimately arises from other’s greed and fantastic rewards, with the rest of us assuming much of the risk. If this premise was not understood by all before, there is almost a universal understanding following the Credit Crisis and the Global Financial Meltdown. Even Alan Greenspan, the Pharaoh of FREE Markets, recently became the apologist of the Financial Apocalypse. While he maintain a lifelong love affair with free markets, he recently discovered that they are an attractive but illusory ideal.
In his testimony on Thursday, October 23, 2008, before Henry Waxman’s Congressional House Committee on Oversight and Government Reform, Greenspan stated, “Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief…….” When asked whether he still believed that markets are self-correcting and self-regulating, he stated, “The whole intellectual edifice, however collapsed in the summer of last year.” He then went on to admit the role of greed over good public policy.
NB:
How much do you think the US G's financial policies were responsible directly or indirectly for the recent GFC. It's really a "cowboy town's policy."