First 100 Days

[MARV]

I'm going to the kitchen to get some popcorn. Anybody want some? Anybody need a drink?

<a href="http://s7.photobucket.com/albums/y271/marvymarv/?action=view¤t=tick.jpg" target="_blank"><img src="http://i7.photobucket.com/albums/y271/marvymarv/tick.jpg" border="0" alt="Photobucket"></a>

[djcraig]

[quote][i]Originally posted by mar#8730;[/i]
<br>I'm going to the kitchen to get some popcorn. Anybody want some? Anybody need a drink?

<a href="http://s7.photobucket.com/albums/y271/marvymarv/?action=view¤t=tick.jpg" target="_blank"><img src="http://i7.photobucket.com/albums/y271/marvymarv/tick.jpg" border="0" alt="Photobucket"></a>
[/quote]

I could go for some pizza and a Sammy Adams if you got one!

So, according to Sally, we DON'T have free markets, yet somehow Friedman and his free market, laissez fare theories are to blame for our current mess. Is anybody else confused?

Oh, and get me an excedrin please.




<a href="http://www.djcraig.net/los_angeles_dj">DJ Craig</a>

[SallyLightfoot]

We don't have a [i]totally[/i] free-market system; we have a hybrid or <a href="http://en.wikipedia.org/wiki/Mixed_economy">mixed economy</a>.

http://en.wikipedia.org/wiki/Mixed_economy
"A mixed economy is an economic system that incorporates a mixture of private and government ownership or control, or a mixture of capitalism and socialism."

Lax regulation-- or in the case of derivatives, the absence of it-- is a major factor in the recent financial crisis. It is a prime example of market players pursuing self-interest right over a cliff. Greenspan and Cox admitted as much before Congress last Fall.

[b]<a href="http://www.marketwatch.com/story/regulators-say-they-made-fateful-mistakes">Regulators say they made fateful mistakes</a>[/b]
[i]Greenspan 'shocked' that banks couldn't police each other[/i]
http://www.marketwatch.com/story/regula ... l-mistakes

Lack of regulation, historically low interest rates, homeowner debt and massive institutional risk created the conditions for a perfect FAIL-storm. If I had to lay blame, I'd say that the 'capitalism' side of our mixed economy f***ed up our sh** and forced the socialism side to intervene and keep the whole thing from capsizing.

Of course, now the free-marketers are upset that we didn't let the whole thing capsize, but that's the dancing dog in this particular circus...

[djcraig]

[quote][i]Originally posted by SallyLightfoot[/i]
<br>

It's true that I'm not a huge fan of Milton Friedman's economic ideology, but I respect his work. Note however that his ideology is considered the theoretical underpinning of the current financial crisis.[/quote]

[quote]
We don't have a [i]totally[/i] free-market system; we have a hybrid or <a href="http://en.wikipedia.org/wiki/Mixed_economy">mixed economy</a>.

http://en.wikipedia.org/wiki/Mixed_economy
"A mixed economy is an economic system that incorporates a mixture of private and government ownership or control, or a mixture of capitalism and socialism."
[/quote]

Luckily, I can interpret "Liberalese", per above. It translates to:

[b][i]" I was wrong. I tried to play both sides of the argument and got caught. I now stand corrected."[/i][/b]

Just to be clear, Milton Friedman was NOT a proponent of the "mixed economy" as described above. It is doublespeak to blame his free market theories for our current problems but then turn around and admit that we actually have a mixed economy.

Wanted to point that out for any others who also may be "reality challenged".

... and let's change that Excedrin I ordered to a shot of Patron.[:D]




<a href="http://www.djcraig.net/los_angeles_dj">DJ Craig</a>

[SallyLightfoot]

Dear Confused:
Perhaps the bartender dropped a few tabs in your shot of Patron, because you're clearly trippin' ballz. [:o)] That is the only way I can interpret your delusion.

What I wrote is perfectly consistent. I did not lay blame for the current crisis at Uncle Miltie's feet, I just pointed out that recent events have taken some of the shine off of his legacy. Furthermore, I never asserted or suggested that Friedman was a proponent of a mixed economy. There's no need to translate liberalese-- it's all there in 6th grade English.

If you would like to sue for peace, let's just leave it at that instead of twisting words. I appreciate the mostly civil discussion and I hope the bystanders on this topic found the information a decent read. I doubt there's much more ground to cover here unless anyone else wants to contribute.

I'll be drinking a little cane-based rum and calling it an evening.