21 September 2008

The un-free-enterprise crisis

The crisis is being blamed on "free-market ideology" and George Bush is being urged to "reverse course" and "seek expanded regulation." But, as Yaron Brook of the Ayn Rand Institute argued in Forbes on the 18th July: "All this overlooks a crucial fact. There has been no free market in housing or finance."

"We certainly don't need a system based on the wholly implausible proposition that, in the end, government knows better than people" argued Gerard Baker in The Times on the 19th September.

Government bailouts are "a complete disaster," said Yaron Brook to Time on the 19th September, "It's a form of national socialism of the financial markets."

What would Ayn Rand have done?

It's the un-free aspect of the market that failed.

The Un-Free Market has Failed, by Yaron Brook

The Clinton Responsibility

Clinton's responsibility for the loans crisis

A collection of pertinent articles from the Ayn Rand Institute

Responce to the financial crisis

Letter to congress from a rational banker

Answer's to the Crisis, by John Allison

Social engineering, specifically lending to people who can't repay, leads to financial ruin.

Bad bankers make bad Social Engineers, by John Montgomery