Comments
by Blogger Ellen_Scordato on ‎01-29-2010 03:27 PM

Within the past hour, I saw a young man reading a very old pb of LIAR'S POKER. And I thought the very same thing.

 

Yes, I would absolutely agree that "cycles of boom and bust like this are inherent in any unregulated market." Precisely why we need regulation. I find it very instructive to shove LIAR'S POKER at those freer-than-free market Republicans who claim the most recent bust was the result of the Clinton admin's regulatory changes--all the Dems fault! Granted, those particular changes contributed to the particular shape of this bust, but was Clinton president in 1987?

 

The problem I see is that the will of the people--including investors, no less!--is no longer expressible in any legislative form due to lobbying and ever-more-closely interlocking boards and financial interests that govern and run the financial markets.

 

Even libertarians will concede that one of the functions of government, in a free trade market, is to prevent blatant fraud. No market can survive continued basic fraud -- even in early capitalist societies, someone made sure the silver was silver and the gold was gold. There's no one making sure that the CMOs and other side bet securities are worth anything but what their sellers say they are worth, except people who make money by valuing them at what they are not worth. And "caveat emptor/buyer beware" is just not working out as an adequate foundation for the world securities market.

 

Harrumph. Great post, btw! If I could ever figure out how to give more than one laurel, I would :smileyhappy:

About Unabashedly Bookish: The BN Community Blog
Unabashedly Bookish features new articles every day from the Book Clubs staff, guest authors, and friends on hot topics in the world of books, language, writing, and publishing. From trends in the publishing business to updates on genre fiction fan communities, from fun lessons on grammar to reflections on literature in our personal lives, this blog is the best source for your daily dose of all things bookish.

Advertisement

Since 1997, you’ve been coming to BarnesandNoble.com to discuss everything from Stephen King to writing to Harry Potter. You’ve made our site more than a place to discover your next book: you’ve made it a community. But like all things internet, BN.com is growing and changing. We've said goodbye to our community message boards—but that doesn’t mean we won’t still be a place for adventurous readers to connect and discover.

Now, you can explore the most exciting new titles (and remember the classics) at the Barnes & Noble Book Blog. Check out conversations with authors like Jeff VanderMeer and Gary Shteyngart at the B&N Review, and browse write-ups of the best in literary fiction. Come to our Facebook page to weigh in on what it means to be a book nerd. Browse digital deals on the NOOK blog, tweet about books with us,or self-publish your latest novella with NOOK Press. And for those of you looking for support for your NOOK, the NOOK Support Forums will still be here.

We will continue to provide you with books that make you turn pages well past midnight, discover new worlds, and reunite with old friends. And we hope that you’ll continue to tell us how you’re doing, what you’re reading, and what books mean to you.

Categories