Oh. I agree that there was a robbery that took place. Look at the folks paid out at 100% from AIG.

Switch to a community bank or CU folks.

PBS Frontline is doing a show on OTC derivatives called 'The Warning', detailing how Alan Greenspan, Robert Rubin, and Congress were warned by Brooksley Born of the impending sh!tbomb that was going to go on in the banking industry , and how there was a bipartisan effort to silence her and take away the power of her office to do anything about it.

It was a bipartisan buttf'ing to the tune of trillions.

Good show.

Yeah, that show was pretty good. I like how that one female attorney was essentially pushed under the rug for trying to do the right thing with her new appointment. Head should have rolled on that one other than hers, but our legislators keep getting elected and being rewarded for their arrogance.

Fixed that for ya.

Yes, we agree.

I was shocked that those at the top went as far as to say there was no need to police and prosecute fraud, as the market would take care of it.

Yeah, why don't we just decriminalize everything at let the "market" take care of it.

That was the big issue I have with Greenspan. He believed his own ink.

I have enjoyed most all of this thread, albeit angering. I read an article recently by John Lifflander, a local economist, and commercial appraiser, among other things, whom I met and corresponded with for a brief time. Fascinating insight and observations that coincided with many of my own. I've never googled him, but am sure there would be some interesting stuff.
Anyway, thanks for the great input.

Just so we're all clear here there are rules and laws to be followed even in a "free market".

Even in a true laissez faire definition participants in the market must adhere to the rule of law. A true free market allows market forces to determine the distribution of goods and services and to determine prices without government intervention or government monopolies.

I watched the Frontline program a few months ago. What Greenspan advocated was more akin to economic anarchy. Something even your most die-hard Libertarian wouldn't advocate.

The problem with our "crony capitalism" or "soft facism" structure today is that there is no justice. We have the worst of all worlds. Government interference in places where the market should dictate things (i.e. - prices, interest rates) and almost zero government protection from fraud. Government has completely failed to do it's job in enforcing the rule of law. That it was the gov'ts job in the market is. Not to "stimulate" or control or set prices and interest rates. There seems to be a lot of confusion out there as to what the governments role should be.