I'm generally in favor of a free market, except that I don't believe that's that's what we've been having. I think we've been having a rigged free market, and that's when I think government intervention is needed.If a market is rigged, by definition it isn't free.
So how is our market rigged and who's doing the rigging? Aelfscine uses healthcare and financing as two examples. Yet these are two of the most regulated and un-free markets in this country. The govt intervenes in almost every aspect of these industries. Licensure laws, advertising laws, patent laws, etc make these industries the exact opposite of a free market. Harry Browne has shown numerous times (e.g. here, here, here, and here) how govt intervention has destroyed the best health care system in the world into the useless mess we have today. The govt has rigged those markets. More intervention is the last thing we need.
His examples with credit cards are just as bad.
however, your credit isn't good enough to get multiple cards - maybe you're young and starting out. If your credit card company just randomly decides to triple your interest rate, you are screwed, and the 'free market' can't help you.Randomly decides? Every credit card account I have or had (and I've had dozens) has an agreement. That agreement states what the interest rate will be as well as when and why it will change. There's nothing random about the rate changes.
Claiming some can't get multiple cards is absurd. I know individuals with $100,000 of credit card debt, no business profits and little other income, yet they keep opening new credit card accounts. I know children with credit cards. One kid kept getting pre-approved offers when she was 7 years old. If someone can't get a second credit card, it isn't because the market is free. It is because of govt intervention and heavy regulation.
He ends with an extremely absurd statement:
we are currently undergoing a free market 'correction' and shady mortgage companies are going down in flames . . . . . . . . If someone had stepped in and broken up the problem before it got this bad, the free market could have had a correction without getting it all over everyone' faces.With FNMA, FHLMC, FHA, FHEO, FHAP, FDIC, ECOA, SIPC, SOX, HUD, FCRA, PATRIOT, FRB, PTI, CRA, HMDA, etc. just how much more regulation is required. Just one of those laws or organizations creates an unfree market and I've listed close to 20.
The last thing we are currently undergoing is "a free market 'correction'". Those who can't figure that out may be beyond hope. For those who are figuring that out, you may want to read Tom Woods new book Meltdown.