Is Free Market Capitalism Possible Without Accountability?

[Crewleader]

Weekend Edition
February 27 - March 1, 2009

Interview with Naked Capitalism's Yves Smith

Is Free Market Capitalism Possible Without Accountability?

By MIKE WHITNEY

Yves Smith is one of the Team Members at the popular economics website nakedcapitalism.com. She is a Management Consultant/Corporate Finance Advisor in New York City. She has been working in the financial services industry since 1980 and has had over 40 articles published in such venues as the New york times, Institutional Investor, The Daily Deal, U.S. Banker, The Conference Board Magazine and Boss Magazine.

MW--Will Barack Obama's mortgage recovery plan help to slow the rise of foreclosures and stabilize the housing market or is it just another public relations fiasco like Henry Paulson's Hope Now? Nouriel Roubini says this week that, "while reducing monthly payments is positive", the face value of mortgages will have to be reduced by "20, 30, or 40 percent" to have a meaningful impact on housing. Is Roubini being too pessimistic?

http://www.counterpunch.org/whitney02272009.html

[notesdev]

1. Without accountability

and most specifically, protection from/prosecution of fraud, a market cannot be considered free.

[screembloodymurder]

2. There's no such thing as a "free market".

They are all manipulated to favor the rich.

[barb162]

3. Yes, theoretically, if all people are totally ethical in business deals.

So the real answer is NO.

[GoesTo11]

5. Correction: The real answer is HELL NO.

[upi402]

4. Yes, it's called corporate fascism

Just another authoritarianism, but not ordained by the Grace of God, as with Kings, but with being part of the monied elite. Definitely not democracy, just a form of authoritarianism.