In passing, a fellow declared that we need “the natural and built-in safeguards that protect people from themselves...” To which I think a reply is necessary.
In a free market there are safeguards, and they are built in. For example, short sellers are all the regulation the securities markets need. They are necessary and sufficient.
I understand this fellow is expressing himself to mean natural in addition to built-in, such as the SEC. I mean natural and built in as one and the same, as in no SEC is necessary.
The cringeworthy elements is “protect people from themselves.” Uggghh... And who judges when a person is acting in a manner in which they need protection from themselves? And what actions from which do people need to be protected? And who is tasked with intervening?
Now keep in mind we are not talking about kids running with scissors or nutjobs with truck loads of fuel and fertilizers, we are talking about people making investments with their own money. This is the degree to which many pople do not trust others, and believe their fears ought to be complemented by expropriation and violence. Yikes!
How about such people just worry about themselves?
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