Analysis: Government knows best, or does it?

Are we watching two world-class con jobs, or just another struggle between government and the free market?


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If free market knows best, then why come and ask gov't for money when you stuff things up?

Perth, WA
Tim (Treadgold), I'm very keen to hear your take on "recent free-market failures". How did they fail, & why? Surely they aren't even all that free, and most of the regulation meant to protect people has been what's failed miserably. A combination of political corruption for the purpose of attaining and/or retaining power (i.e. influence, ill-gotten wealth et al) has led to massive over-regulation, excessive government & therefore spending, with no regard at all for the source of all wealth - entrepreneurial / human endeavour (i.e. people working hard & investing capital to produce & sell goods & services for enough profit to warrant staying the course). Although closer to 'free market' than (say) China, UK, Europe, US & Australia haven't been free market, free enterprise for a very long time indeed. If Carter's housing programme hadn't been so corrupted by politicians & bureaucrats, the 'rats' of Wall St couldn't have then taken the whole sorry mess to the next level; ergo, poorly designed government interference was the root cause of the GFC; not a failure of free markets.

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