This is to address your recent editorial "Fed May Not Be Able To 'Manage An Economic Rescue."
The gist of this editorial is in the paragraph that states, "Many commentators see the current recession as a market failure. But the boom bust cycle was clearly precipitated not by the private market but by government policies".
Nearly all economists, including Alan Greenspan, say the financial crisis was caused by greed as evidenced when the market players took advantage of new unregulated financial instruments and knowledge of the lax enforcement of existing laws by the government. In other words "free market."
The free market has been portrayed as an all-knowing presence that is the answer to everything. This is ideology propaganda pushed by conservatives to maintain the status quo. The market has no concerns for the poor and no planning for the needs of the future. It reflects the demands of the moneyed interests today. The free market in reality was abandoned long ago by conservatives.
To be informed about current events we cannot depend on biased viewpoints, conservative or liberal, whether it be editorials or talk shows. We need to weigh both sides of an issue and consult non partisan professional sources.
Weigh all sides of issue to determine financial rescue
Published: Friday, January 2nd, 2009
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