(no subject)
Oct. 21st, 2010 05:23 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
hnpccHegel on Wall St.
And it partially answers one of my questions from the other link:
We know that nearly all the financial conditions that led to the economic crisis were the same in Canada as they were in the United States with a single, glaring exception: Canada did not deregulate its banks and financial sector, and, as a consequence, Canada avoided the worst of the economic crisis that continues to warp the infrastructure of American life.
Opinions have varied wildly on this granted.
I do like this bit though:
What market regulations should prohibit are practices in which profit-taking can routinely occur without wealth creation; wealth creation is the world-interest that makes bankers’ self-interest possible. Arguments that market discipline, the discipline of self-interest, should allow Wall Street to remain self-regulating only reveal that Wall Street, as Hegel would say, “simply does not know what it is doing.”
And it partially answers one of my questions from the other link:
We know that nearly all the financial conditions that led to the economic crisis were the same in Canada as they were in the United States with a single, glaring exception: Canada did not deregulate its banks and financial sector, and, as a consequence, Canada avoided the worst of the economic crisis that continues to warp the infrastructure of American life.
Opinions have varied wildly on this granted.
I do like this bit though:
What market regulations should prohibit are practices in which profit-taking can routinely occur without wealth creation; wealth creation is the world-interest that makes bankers’ self-interest possible. Arguments that market discipline, the discipline of self-interest, should allow Wall Street to remain self-regulating only reveal that Wall Street, as Hegel would say, “simply does not know what it is doing.”
