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I don't think that's the take away of the article. It's pointing out that Goldman Sachs may be open to recognizing that there are inefficiencies in our market,
by duaneb 11y ago
I don't think that's the take away of the article. It's pointing out that Goldman Sachs may be open to recognizing that there are inefficiencies in our market, and that it's not benefiting from some attributes of capitalism as a result.
Anyone who seriously claims that capitalism inherently doesn't work is typically talking about something much more specific, like cultural/social interactions with capitalism, or (again) efficiency concerns.
- ancap 11y agoI'm not sure why this should come to surprise anyone. The big banks have always been in favor of government intervention in the market. They don't want a free market because 1) it's very possible that parts of their business would be considered fraudulent (fractional reserve banking) in a free market and they would be liable. 2) their existence is maintained by government programs: Federal Reserve, FDIC, bailouts, etc. 3) more regulations create bigger barriers for competitors, squeezing out the small guys from the market.
- soared 11y ago1 is assuming every consumer is totally informed and can understand the things a bank is doing. IMO no laymen could understand financial structures and whatnot, even if they had all the information. I don't have data to back it up (though neither did you) but "Big banks have always been in favor of government intervention" sounds untrue.