Subject:
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Re: Libitarian guff (Was: Re: Art Debate Was: [Re: Swearing?])
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Newsgroups:
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lugnet.off-topic.debate
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Date:
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Tue, 11 Jan 2000 17:32:11 GMT
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Viewed:
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2240 times
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Jasper Janssen wrote:
> On Tue, 11 Jan 2000 07:04:09 GMT, Mr L F Braun
> <braunli1@pilot.msu.edu> wrote:
>
> > from outside the private sector (S&L scandals, anyone?). The major problem was
> > caused by uncontrolled speculation that *private bank policies* ultimately
> > allowed. When they only asked that an investor put down 5% to 10% of the funds
> > and the bank provided the rest for a hefty fee/interest rate, who was going to
> > turn them down in an era of seemingly endless, market-driven prosperity?
>
> Are you _sure_ you're talking about the 1929 crash, and not the 2002
> crash?
Could be either, but there are SEC restrictions on speculation now that would
prevent the free-fall of 1929. 1997/8 in Indonesia/East Asia could have done the
same thing as 1929, except that the response was very different--in part because we
realised that our retractive response in 1929 actually made the problems *worse*.
The proper response this decade was that followed by the IMF (a subject for yet
another .debate, no doubt.).
best,
LFB
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