Well, I suppose I should thank you for giving me your permission to believe what I can plainly see with my own two eyes.
Anywho... are you under the impression that there were no "controls on capitalism" prior to the last "meltdown" or that the concept of MORAL HAZARD didn't exist prior to 2009? Are you aware that the politicians and regulatory bodies that implement those "controls" have a pretty shady track record when it comes to avoiding conflicts of interest and outright incompetency?
Is it possible that "Wall Street" is just playing the game that the referees laid out for them to play and that the real problem is the ******* REFEREES ?
"SEC audits consisted primarily of confirming that a checklist of documents existed, not necessarily that these documents were accurate, not even that they reflected real trade; just that you had the proper papers in your files." -- Harry Markopolos, No One Would Listen
Markets were ridiculously under-regulated in the run-up to the Meltdown.
Define "under-regulated", how many more tens of thousands of pages of regulations, legions of regulators and 10's of billions of dollars would have been required for it to be "regulated" ?
That's how Wall Street and the ratings agencies were allowed to get away with what they did.
Hmmm... are you suggesting that the politicians and regulatory agencies didn't know that derivatives coupled with implicit moral hazard were creating systemic risk or that they just didn't give a **** about it?
Free market icon Alan Greenspan admitted he blew it.
.
Ummm..no he didn't , he admitted to a flaw in the model that he used to understand the functioning of markets (aka efficient markets theory) and Greenspan wasn't any "Free Market Icon" , he was the chairman of the federal reserve for cryin' out loud, you know , the *******
CENTRAL PLANNER for the MONEY SUPPLY and NUMERO UNO
MARKET INTERVENTIONIST personified.
Greenspan lost his free market creds back when he decided to become a government bureaucrat and political stooge but thank you for sharing popular misconceptions and urban myth.