Central planning has failed, in the U.S. and worldwide--not only hsitorically, but in this very financial crisis (including creating it) .
How can you argue with the above statement? You can't The central planning idea that every person should be able to afford a house started us down the road to this financial crisis. Then we had, as always, a failure of regulation and central planning. Sure, it would have helped some if Democrats in Congress had not blocked reform oversight of Fanne Mae and Freddie Mac--which Democrats seemed to regard as their private piggy banks. But the Fed had enough regulatory authority to see the housing/credit "bubble" being created, and it did not. The SSEC had more than enough warning and more than enough authority, and failed. Treasury had more than enough authority (a mere waring of "irrational exuberance" in housing may have been enough), and failed. More regulatory authority would not have changed anything. That is a delusion of leftists and central planners: That failure of regulation means that more regulation would have "solved" the problem. It can even be argued that the "mark to market" rules imposed because of the last "crisis" (Enron, et. al.). Yes, the dirty little secret is that substantial "regulation" was added after the Enron debacle (Sarbaneds-Oxley). It did not help.
Okay. U.S. central planning has failed. What is Wall Street's "answer", as well as that of leftists (Obama, et. al.) and the mainstream media? It should be no surprised. Their "answer", as always, is that we now need global central planning--a "global solution". You just can't get nay dumber than that--dumb to the point of insanity. Remember that definition of "insanity": doing the same thing over and over again, expecting a different result.
Sure, our financial people need to be coordinating with worldwide financial institutions and regulators. But peple are talking like an imposed, central planning "solution" is the only "solution"--a guarantee of more panic as no such (impossible) "solution" appears. This idea of global central planning is further a guarantee of future disaster. Our idea should not be to develop a system where the failure of any part of the world brings down the entire central planning system. Our idea should be to develop a free market system, with circuit breakers, so that we can actually permit corporations to fail without bringing down the entire system.
The details don't even matter. Central planning fails. We know it fails. This "crisis" proves again that it fails. And yet we have all of these people telling us we now need global central planning to insure a bigger disaster next time.
Wall Street is dumb. People on Wall Street are almost all dumb. Wall Street does not believe in free markets. Wall Street commentators are almost all dumb. Wall Street commentators believe in central planning, which has failed. All of these people have failure, including almost all of the commentators. Why should anyone pay any attention to the "solutions" (taxpayer "solutions"--all of them) proposed by any of these people.
If I hear these stupid Wall Street people talk about "credit freeze" one more time, I am going to scream. More than a moratorium on short selling (which we should still have), we need a moratorium on these failed people on Wall Street, and in the mainstream media/financial media. They should just shut up. That, of course, applies to Bernanke, Paulson, and all of the politicians. WE would all be better off if they has shut up at least a month ago.
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