Re: [Pen-l] Paul Davidson sums up

[Jim Devine <jdevine03@xxxxxxxxx>]

michael perelman wrote:
>> Of course, we might ask Hayek what happens when the market makes a
>> disastrous mistake???

Doug Henwood wrote:
> The market can't make mistakes. It represents the collective wisdom of
> millions of dispersed actors and is therefore smarter than any of us. Just
> ask Alan Greenspan about why house prices weren't in a bubble in 2005.

the problem, of course, is that the government messed it all up by
refusing to force the entire world into the strait-jacked of One Big
Market. Just one single market imperfection can have a "butterfly
effect" causing a massive financial melt-down.

(You'd think the god-like Invisible Hand would fix that. But it must
of dropped the ball.)
-- 
Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own
way and let people talk.) -- Karl, paraphrasing Dante.
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