Saturday, October 24, 2009

Did Financial Rules
Mandate A Meltdown?

by Richard Korman - October 23rd, 2009 - Miller-McCune News

If you ask political philosopher Jeffrey Friedman who's doing a worse job, bankers whose companies needed to be rescued in last year's financial disaster or economists and political scientists trying to figure out what really happened, he won't have a hard time picking one over the other.

In Friedman's interpretation it's the bankers whose decisions actually made sense, and the economists and regulators trying to fix what went wrong are the ones who are senseless.

This is a useful article in the needed interpretation of last years predicted financial meltdown. There is an argument that no bailout was needed, that the bailout was a waste of money, and that we would be better off today if George Bush and Ben Bernanke had simply shut up and let the financial giants deal with the crisis by some of them going bankrupt.

The one certainty is that the only chance McCain-Palin had was to oppose the Bush panic if they wanted to get elected. They didn't. They lost. And now we have boy wonder Obama "fundamentally transforming America" into a socialist state.


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