Subject:
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Re: Libitarian guff
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Newsgroups:
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lugnet.off-topic.debate
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Date:
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Mon, 10 Jan 2000 14:35:25 GMT
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Viewed:
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2267 times
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In lugnet.off-topic.debate, Larry Pieniazek writes:
> > Wild thought which I have not investigated: are their people who came out of
> > the market crash of 1929 ahead because instead of investing their money in
> > the play money of stocks, invested it in workers and production?
>
> I know for a fact that this is the case. The crash was a chance (just as
> any bankruptcy is a chance) for people who were better at managing
> resources to displace those who were merely riding atop a bubble
> fostered by government.
One minor point I'd add regarding the occasional need for government: the
Securities Exchange Commission was established to prevent the same cataclysmic
market crash from happening again. Among other things, the SEC requires that
brokers be licensed and that shareholders have access to current and accurate
information about the stocks in which they're invested. Because it was
demonstrated fairly clearly that brokers could not be trusted to police
themselves, since for example they invested shareholders' life savings in
wildly fluctuating stocks without warning them, the goverment decided to form
empower the SEC to deal directly with brokers and investment counsellors.
Dave!
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