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The problem is not one of market failure

I don't understand how you can make this point- even the free market fundamentalists have come round to the view that a market failure occurred where risks and rewards became almost totally divorced from one another.  "Irrational exuberance" was based on some people being able to make a killing whist transferring virtually all risks to "the system" and now Governments and Central banks at no cost to them.  Even now no one knows the really price/value of many of the financial instruments on and off corporate balance sheets.  How is this not a market failure?

notes from no w here

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Sun Mar 22nd, 2009 at 06:34:06 PM EST
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