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|User Info||Rebuttal To Mish: FRL; entered at 2009-05-07 10:49:50|
Registered: 2008-01-22 Texas
what is fraudulent is the government allowing banks to continue to operate while below regulatory capital limits.
But what is being said, around these parts, is that regime change sprinkled in with a bit of statutory overhaul is all we need to fix that.
But - that has been tried, and has failed. Why will it not fail again?
Some people would rather take their chances with a more-anarchic, less-governmental approach altogether. Mish is in that category, and that's what ultimately drives his philosophy. The FRL thing is just an innocent error. I'm trying to get at the underlying mindset, which is looking compelling at the moment, for want of a better alternative.
To effectively counter the libertarian approach, something more substantive than, "The laws we have/had are fine, we just need regime change" is going to have to be put forth.