Why The Market Doesnt Need Gvernment Regulation

[phillip1882]

http://www.youtube.com/watch?v=T6fg5IV6KD8&feature=g-vrec&context=G29b9029RVAAAAAAAACg

 

definitely worth watching, this guy is a economic genius.

i highly recommend watching all his videos.

[HydrogenBond]

You should not have amateurs regulating the competent. Say you are a polititian, trained as a lawyer, leading the charge to regulate the market, that is called amateur hour.

 

Why not have a baker regulate the legal system? Most professors have never had a real job in the free market and lack the applied skills needed to get the job done. Strip them og tenurte and they will be a step closer.

 

I could accept test proven and successful free market executives, who have demonstrated competence in the real world, being the heads of the advisorary committees that will help regualte the free market. But if someone not qualified is given that position, it is a recipe for disaster. Elected official have their own agendas and are often beholden to their narrow base. The free market is for all, even the other party. This is why you end up with amatuer hour.

 

As an analgy we have the bakery industry. Why not have plumbers regulate them. What I would do is add an accountability clause to regulators. They tinker and screw up, they will have to pay dearly in money and prison time. This would scare away amateur hour. The only people who would be willing who take the free market risk.

 

Lawyers regulate the legal system, so why not businessmen regualting the free market. Or should we have businessmen regulating the legal system and lawyers regulating the free market?

[LaurieAG]

I don't think too many people noticed that just before the politicians severely regulated the real worlds rockets and bombs they deregulated the financial worlds economic rockets and allowed some of them to become bombs.