Re: [tlug] Freedom is not just for software [was: Open-source Japan]

["david.blomberg" <david.blomberg@example.com>]

Stephen J. Turnbull wrote:
> david.blomberg writes:
>  > 
>  > > in the S&L crises in the US and Japan, Congress pushing hard to get
>  > > industry to lend to subprime borrowers in the current mess).  It's not
>  > > clear that *any* of them would have happened if the market had been
>  > > left to its own devices.
>  > >   
>  > You are aware that this failed the laugh test. 
>  > 
>  >    A few years ago I sat in on a investment seminar.
>
> Which has everything to do with fraud and nothing to do with the macro
> mess, AFAICS.
you don't see them as linked?
>   It's one thing to take down a few hundred thousand
> small borrowers or investors.  It's another to bring the whole world
> economy to its knees.  They busted another pyramid scheme here with
> over 50000 members a couple weeks ago, but it's not a threat to the
> economy.  Neither are the "ore, ore" scammers.  In all the mentioned
>   
but you start taking these collectively and and if the banks see it as 
enough to stop credit to businesses who rely on revolving credit to stay 
in operations now you have a cycle big enough to take down the economy.
(actually I really  hate revolving credit as a means for a business to 
stay afloat, but it seems to be the way businesses operate)
> cases above it's a matter of historical record that the government was
> pushing in the wrong direction.
I am skeptical of this point.  Yes you could make the case that SOME 
politicians do push this way.  The government in general and the laws 
however seem to have previously been  made to keep this kind of activity 
down.  The deregulation push seems to have come from market side not the 
government side. 
>   It's my claim that the private sector
> would have had a hard time creating such a mess without government
> help.
>   
I have the utmost confidence in the private market to screw things up.  
(the government as well)  But this seems mostly a case for greater 
regulation/transparency  to make sure all sides play fair and clean.