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Deika Morrison: Reasoning the Reasons

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Sunday, October 12, 2008

A golden, priceless and invaluable opportunity

"Dysfunctional markets" are what we are trying to be rid of.

Markets must function. Markets must serve the best interests of the real economy.

People understand that governments must "intervene" to achieve functional markets when they have been as dysfunctional as they are now. Yes, "oversight" must be permanent, but we'll take temporary "intervention", thank you. And yes, government intervention must have strings attached because taxpayers money must be monitored and used carefully. But, respectfully let's NOT have those "strings" result in:
  • the substitution of "bad decision making for greed" in the existing dysfunctional markets for "bad decision making for political favor" in the government-intervened markets
  • the substitution of "irresponsible lending because of incompetence" in the existing dysfunctional markets for more " irresponsible lending because of incompetence" in the government-intervened markets
  • the substitution of "excessive risk taking" in the existing dysfunctional markets for "stodgy bureaucratic conservatism that stifles market functioning" in the government-intervened markets
  • the substitution of "actual and alleged fraud and scandal" in the existing dysfunctional markets for "actual and alleged fraud and scandal" in the government-intervened markets
Is it assured that governments can avoid these ills? No. But can they try and take best steps to avoid them? Yes. And they can show us that they are trying and taking best steps to avoid them.

As it stands, it is the strong and decisive global Government coordination that has provided the greatest comfort in these days of panic and fear. But let's not pretend people believe governments are perfect, because they do not:
  • People are generally of the view that governments do not excel at management (to be diplomatic)
  • However, people do know governments have power.
  • So maybe, just maybe, people may find reason to have faith in governance if interventions are executed with due care to the primary objective which is the proper functioning of the markets without the long term need for government intervention.
Faith in governance? That would be a golden, priceless and invaluable opportunity indeed to build confidence, support social stability, and accelerate the domestic and global economic recovery and even growth. My two cents? I say it's worth a shot because frankly, the people have limited patience as it is.

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Reasoning The Reasons by Deika Morrison is licensed under a Creative Commons Attribution-No Derivative Works 3.0 United States License.