Economic Markets Minus Regulation Equals...

[varkam]

an Ayn Randian utopia!

Or at least that's what we were told.

It seems to me that the equation long pined for by many mucka-mucks in the financial sector in this country (the whole free market thingie) has basically led us to the brink of financial destruction (or, if not "us", certainly them). A lot has been said about the bailouts as well as our current economic situation by people much more well-versed in economics than I am - but here's what has struck me in the past couple of days:

The financial institutions that are currently in the process of going belly up were the folks who served as s for the libertarian ideal of the free market - right? So what happens when the ship starts taking on water? Do they stand on principle and accept that it is the will of the market place? Do they remain steadfast in their conviction that regulation stifles creativity and productivity (well, creativity with respect to accounting, maybe)? No. They line up for...oh, what's that phrase? The thing that these boot-strap types are fond of hating on? Oh, yeah:

GOVERNMENT HANDOUTS

Maybe it is just me - and if it is, that's fine - but it leaves a bit of a taste in my mouth to have been witness to all the graft and corruption that has occured over the past several years (aided by Bush et al. gutting orgs like the SEC) and then to fast-forward to present day to find out that "we" are going to clean up the mess while CEOs still get to skate away with their golden parachutes.

You know, I keep waiting for the time when we're going to be holding some feet to the fire, here. I keep waiting for some sort of accountability for the crime, the hypocrisy, and the gross indifference to theft and destruction.

I guess I'll keep waiting.

My .02.