Thursday, May 7, 2009

I could not make this stuff up if I tried

"It's a system that does not work in theory-- at all-- but in practice we make it work because we have to make it work." - John Dugan, Comptroller of the Currency

The quote is after 6:25 in this interview:


Judge Richard Posner, former University of Chicago law professor and so-called "free market champion" mentions several industries where deregulation and privatization are good things: telecommunications, surface transportation, oil pipelines, highways... "It's just banking is special."

Hear the comment starting at 6:25.

Some other great Posner quotes from the interview:

"Conservatives believe that the depression is the result of unwise government policies. I believe it is a market failure. Without any government regulation of the financial industry, the economy would still in all likelihood be in a depression. We are learning from it that we need a more active and intelligent government to keep our model of a capitalist economy from running off the rails. The movement to deregulate the financial industry went too far by exaggerating the self-healing powers of laissez-faire capitalism."

"The depression has hit economic libertarians in the solar plexus because it is largely a consequence not of the government's over regulating the economy and by doing so fettering free enterprise, but rather of innate limitations of the free market."

I quit listening after 10 minutes.

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