Kapitalism Don't Work (ATTN: Snowolf) - Snowboarding Forum - Snowboard Enthusiast Forums
 
 
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Old 10-23-2008, 02:55 PM   #1 (permalink)
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Default Kapitalism Don't Work (ATTN: Snowolf)

So check it. Greenspan essential said today that free market capitalism does not work (emphasis added).

The longtime Fed chief acknowledged under questioning that he had made a “mistake” in believing that banks in operating in their self-interest would be sufficient to protect their shareholders and the equity in their institutions. Greenspan called it “a flaw in the model that I perceived is the critical functioning structure that defines how the world works.”


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Old 10-23-2008, 03:06 PM   #2 (permalink)
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The flaw in the model was the bailout. Let them sink, and let other banks replace them who will do a better job of managing their assets as well as their customers.
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