Sep 30, 2008
JJA is JJA
working vanlandw: http://www.youtube.com/watch?v=ticytEUvVhQ
jjafuller: He is in part correct
jjafuller: The underlying issue is a market failure, in that there are information asymmetry issues, and not everyone did their due diligence
jjafuller: These issues were exacerbated by government mismanagement (they would not have been as bad if the govt had not been involved”
jjafuller: The continual bailouts in the financial industry which have been occurring since ww2 have introduced a moral dilemma (type of market failure) which continued to build up the scale of the issue
jjafuller: Had the gov’t simply allowed the market to under go self corrections there would have been a little turmoil a long time ago, and the issues would not be affecting us today
jjafuller: Sheer no response
working vanlandw: sorry
jjafuller: :-p
Of course, given all of these small market corrections, with no government interference or management at all, we would probablly be under a few large companies holding a monopoly over vast quantities of eeryday comsumables. Imagine, if you will, Microsoft purchasing a majority share in Apple, McDonald’s owning Burger King, or AT&T being the only phone service. That is all.
It’s difficult to say whether or not that would be the case, because there has never been a free market system attempted. So, there is no way to know for sure what the natural state of the market would look like.
Closest would be britain, and the DeBeers family has kinda demonstrated what that looks like.