3 myths of Capitalism... video from Harvard's Dean of Economics

[wacki]

http://www.youtube.com/watch?v=KGPa5Ob-5Ps&feature=player_embedded

I'm working on an MBA right now (and have read 25 econ books outside of school) and all I can say is I can't agree with this video strongly enough.  Regardless of how the mainstream news depicts the ivory tower there are  lot of big whigs in the field of economics that agree 100% with the above.   A lot of them will also say the federal government cause the great depression.

[Jocassee]

The comments underneath are infuriating.

[Perd Hapley]

The comments underneath are infuriating.

But this one's infuriatingly true:

People constantly complain about lack of regulation without realizing how tremendously regulated the whole financial market already is and how many unintended consequences such an incredibly complex framework of regulations ensures, and of how most of it ensures the big players benefit.

[MicroBalrog]

But this one's infuriatingly true:

"None are more hopelessly enslaved than those who falsely believe they are free."

[HankB]

QuotePeople constantly complain about lack of regulation without realizing how tremendously regulated the whole financial market already is and how many unintended consequences such an incredibly complex framework of regulations ensures,

Quite a number of years ago there was a trial involving alleged violation of some arcane securities rules.

Basically, the jurors couldn't figure out what was allegedly done or what the law actually said. The judge, asked for clarification, simply quoted the law to the jurors; the verbiage was couched in legalese so dense it might as well have been written in !Kung.

So, being unable to figure out what the government's case actually was. the jurors acquitted on all counts.

[erictank]

Quite a number of years ago there was a trial involving alleged violation of some arcane securities rules.

Basically, the jurors couldn't figure out what was allegedly done or what the law actually said. The judge, asked for clarification, simply quoted the law to the jurors; the verbiage was couched in legalese so dense it might as well have been written in !Kung.

So, being unable to figure out what the government's case actually was. the jurors acquitted on all counts.

... as is only proper.