royalmagazine

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iCloche

It is not the idea of the free market which is at fault - rather, the fault is two-fold: Unregulated greed, tied to a myopic and seemingly collective view that "it was just someone else's problem". Both a lack of government regulation, and criminally stupid remuneration and bonus reward schemes in the finance sector (to counter mass myopia!) are areas of weakness must be addressed and legislated against (with no discretion given to the SEC to amend them, as they have done to the world's cost in the past). On the side of the Bush-run US and other deregulation-encouraging countries, it is the active rejection (by the SEC Bush appointees in particular) of regulation around CDOs, CDSs, and SIVs and the like that have caused the issue. In economies such as the former "Asian tigers" (Thailand, Malaysia, Singapore etc) and Australia, where tight government regulation and oversight is in place, banks and financial institutions did not suffer the same issues. I=Unfortunately, they were infected from without by the insanity in the rest of the "market knows best" world. On the side of the financial communities around the world, it is the insane rewarding/incenting of short-term and high-risk gain over long-term accountability and sustainability that has been at fault. Brokers, traders and financial executives of all grades have been encouraged (and rewarded financially) to take nonsensically risky positions over unregulated credit default swaps (essentially unregulated financial insurance with no obligation to pay); collateralized debt obligations (essentially financial instruments that allow the originators of loans to avoid having to collect on them when they become due, since the loans are now owned by other investors); and structured investment vehicles (essentially, SIVs borrowed short term and invested long term; that is to say, payments out became due before the payments coming in were due). So, please don't take issue with financial markets in general; we do need them, as the Soviets found, and as the Chinese have found. The problem is UNREGULATED greed, not the market.