On the Free Financial Markets
Thursday, April 30th, 2009This quote from this article annoys me:
The financial markets operate on the principle that, at our core, we’re all basically shit: selfish, self-interested creatures.
That’s a little too pessimistic for me. And the tone of the article is self-righteous. The free market operates on the principle that it is in the best interest of us all to pursue our own self-interest. There is a big difference, and it is actually a beautiful thing that what I do in my own interest is actually best for everyone in the world.
I could provide examples, but Milton Friedman says it better:
Also, it seems like the author of the article is blaming the financial markets for his atrocious behavior and suffering, and not taking responsibility for his own actions. It isn’t the free market that made him or the others act the way that they did. Look at Warren Buffet – does he act like these idiots? No, and he has made a thousand times more money than they ever did.
