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 金融危机谁受害？ |
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金融危机谁受害？ -- 芦笛 - (5488 Byte) 2008-10-03 周五, 上午3:54 (1256 reads) |
bystander
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作者：bystander 在 驴鸣镇 发贴, 来自 http://www.hjclub.org
Milton Friedman in the 1980s. But you are probably mistaken in thinking that Alan Greenspan is a monetarist. Throughout his whole tenure, the guy had no monetary discipline whatsoever.
His predecessor, Paul Volcker, was a more "principled" Fed chair, and he did make use of Friedman's monetarist philosophy to tame runaway inflation during 1979 to 1982. But Volcker reverted to Keynesianism and loose monetary policy from 1983 onwards because the banking system had almost collapsed as a result of extremely high interest rates!
I agree that deregulation was the prime culprit in the subprime debacle. What I want to point out is that it is pointless to put the blame on "free markets" or "the profit motive". Is there anything wrong about the pursuit of profits? I don't think so. Also, I would say that deregulation is not necessary wrong because bad or excessive regulation, as a matter of fact, is detrimental to business activity. (Yes, there are good regulations and there are bad regulations.)
J. S. Mill's "harm principle", as I understand it, implies that government regulation is necessary if and only if a market activity or any social exchange involves coercion, intimidation or fraud. In the case of the subprime debacle, everyone knows that fraudulent practice is involved. So I would say that the regulatory authorities should have done something rather than turning a blind eye to the scam.
作者：bystander 在 驴鸣镇 发贴, 来自 http://www.hjclub.org |
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