What goes around comes around: Milton Friedman

[Spartacus]

famously wrote about people who thought bureaucracies could be made workable:

you want a cat provided it barks


Now Mish (among others) is repeating the mistake Friedman accused "the socialists" and regulator - friendly and the bureacrat/bureaucracy-friendly in reverse: some unregulated markets produced the current mess. Mish's proposed "solution" : less regulation

I'm not suggesting a return to massively regulating everything, but I don't see the logic[*] behind regulating even less at this time.

The complete resistance to trying to find a middle/muddle path is curious.

[*] I do see Mish being wedded, maybe welded to an ideology and letting that death-grip marriage dictate their views on everything

Cognitive dissonance can be such a bitch - looks like Mish, et al will never see it.

[GRG55]

Re: What goes around comes around: Milton Friedman

famously wrote about people who thought bureaucracies could be made workable:

you want a cat provided it barks


Now Mish (among others) is repeating the mistake Friedman accused "the socialists" and regulator - friendly and the bureacrat/bureaucracy-friendly in reverse: some unregulated markets produced the current mess. Mish's proposed "solution" : less regulation

I'm not suggesting a return to massively regulating everything, but I don't see the logic[*] behind regulating even less at this time.

The complete resistance to trying to find a middle/muddle path is curious.
[*] I do see Mish being wedded, maybe welded to an ideology and letting that death-grip marriage dictate their views on everything

Cognitive dissonance can be such a bitch - looks like Mish, et al will never see it.

This crops up every time something happens that "the people" decide "the government" needs to fix.

Remember Walkerton? The existing procedures and regulations were not being followed and more than a half dozen people died from drinking the tap water. And the solution? More regulation of course. Now across the country we have civil servants so afraid of being responsible for another Walkerton that they are still compounding the regulations to this day [my neighbours and I are dealing with the Alberta government's latest assault on our well water right now. The cost to meet the new regulations will be in the hundreds of thousands of dollars. The fact that nobody has ever died from drinking well water anywhere in the region is irrelevant in their minds].