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Re: Who's to blame for the housing mess?
Posted by: IgorD
Date: 03/19/2007 09:54PM
I do not think the poll has the right options to choose from.
How about adding "non-existence of the free market" Mish?
The blame lies mainly with individuals for getting themselves into the
mess. Not the first time, nor the last time. However the situation is
more complex, the non-existence of the free market and government
sponsored risk distorted the reality based upon which individuals were
making their decisions. People make their decisions based on emotions
not thinking, the non-free market (esp. Fed creating money from the
thin air) serves mainly as an amplifier.
So while I do blame individuals, and there is no way of finding a cure
for delusional behavior, getting rid of the Fed would at least remove
the amplifier.
I am rather surprised that Roubini is so off ..
As always, the real solution: truly free market (that includes free
market chosen money, etc.), is never going to be mentioned (rather it
is going to be blamed for), and we are going to see more of the same
that caused the mess in the first place.
What can not go forever will not .. it never does, but do not expect
the change to happen voluntarily, it never happened either.
How about adding "non-existence of the free market" Mish?
The blame lies mainly with individuals for getting themselves into the
mess. Not the first time, nor the last time. However the situation is
more complex, the non-existence of the free market and government
sponsored risk distorted the reality based upon which individuals were
making their decisions. People make their decisions based on emotions
not thinking, the non-free market (esp. Fed creating money from the
thin air) serves mainly as an amplifier.
So while I do blame individuals, and there is no way of finding a cure
for delusional behavior, getting rid of the Fed would at least remove
the amplifier.
I am rather surprised that Roubini is so off ..
As always, the real solution: truly free market (that includes free
market chosen money, etc.), is never going to be mentioned (rather it
is going to be blamed for), and we are going to see more of the same
that caused the mess in the first place.
What can not go forever will not .. it never does, but do not expect
the change to happen voluntarily, it never happened either.
Current
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