Risikoen ved Geithners plan

Gode overvejelser her fra Jerry Taylor:

What President Obama is selling is the idea that government must be the final arbiter regarding how much risk-taking is appropriate in this allegedly free market economy. It is unclear, however, whether anybody short of God is in the position to intelligently make that call for every single actor in the market. It is also unclear whether a market characterized by less volatility — and thus, less variation in profit and loss — creates more wealth over the long-run than an economy characterized by the boom and bust cycles allegedly driven by this unpoliced risk-taking. After all, economies that have been centrally regulated on this front historically have not performed very well — especially in comparison to those that haven’t. Finally, it is unlikely that vote-maximizing politicians — the parties that will have the final say on these regulations — have the right incentives to optimally dictate market risk even if such a thing could be theoretically done.

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