[ExI] AIG Bail out
thespike at satx.rr.com
Sun Sep 21 08:01:24 UTC 2008
At 05:32 PM 9/21/2008 +1000, Stathis wrote:
>I don't understand
>why you seem to think that it is *necessarily* a bad idea. It's like
>claiming that natural selection can never be improved upon by medicine
>or engineering, and that even to try would invite disaster.
The difference is presumably that natural selection is entirely
mindless, while the theory behind an agoric market (or whatever it's
to be called) is that all the actors are intelligent, somewhat
informed agents whose choices are at once diversified and when summed
still open to reasoned responses in a subtle and fluent process of
feedbacks. While top-down central controls place far too much
executive manipulatory power in the paws of a small fallible
backscratching cabal sharing a narrow ideology and far too little information.
This need not mean, I'd have thought, that in a representative
democracy the elected deputies might not, for example, place severe
constraints on mindless computerized trading than is easily trapped
into positive feedback disaster, not to mention placing equally
savage constraints on corporate monoliths that specifically block the
action of those many agents whose distributed crowd/cloud wisdom is
supposed to be tapped by the market.
But I'm an Australian and don't understand these things.
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