Wednesday, July 17, 2002

Oliver Willis has this to say:

The most ridiculous argument from the right in light of these corporate scandals has been that the market is "correcting itself". Here's the deal, slappy: The market is a great and beautiful thing if we play by the damn rules. These people aren't playing by the rules.

It is necessary to view this point through that wonderful concept of "self-regulation" promoted by people who currently head all of our regulatory agencies. It isn't clear if they actually believe it or not, but they are pushing the idea that the rules themselves will be created by the incentives of the market.