Monday, December 10, 2007

The Supercharged Stock Market: An Object Lesson in the Perils of Coercion

Naturally, the problems which arise from coercion are inevitably ascribed to voluntarism. State manipulation of the stock market is ignored; the resulting instability is invariably blamed on the free market – thus paving the way for additional (and ridiculous) regulations such as Sarbanes-Oxley. Executives can now be sent to jail for a single mistake by a single accountant – but no government executive loses his job over the slaughter in Iraq!
...or their other fuck-ups.

The whole thing.