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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple><div class=WordSection1><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><b>From:</b> extropy-chat <extropy-chat-bounces@lists.extropy.org> <b>On </b><br><b>Subject:</b> Re: [ExI] philosophy poll<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><div><div><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Arial",sans-serif'>>>…<span style='color:#222222'>Market failures are what causes market successes. spike</span></span><span style='font-size:12.0pt;font-family:"Comic Sans MS";color:black'><o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Comic Sans MS";color:black'><o:p> </o:p></span></p></div><div><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Arial",sans-serif'>>…<span style='color:#222222'>OK you knew when you wrote that that I was going to ask about it. I thought market failures, like 2008, were caused by nearly worthless instruments bundled with totally worthless ones and sold to dupes. I can see where, having made such a big boner of an error, that they won't do that again (?), but is that the cause you refer to? bill w</span><span style='color:black'><o:p></o:p></span></span></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>No, I meant companies compete with each other, they make stuff, some of their products succeed, others fail. <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Ford built a car called the Edsel for instance, with lots of safety features such as seatbelts and such. Meanwhile GM built faster cheaper cars, and ate Ford’s lunch. The Edsel was a market failure, the Impala is much loved to this day. Ford took the Edsel seatbelts and built a new, better car around them (the Mustang.) The companies competed, the consumers won.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Communism suppresses market competition. Their manufactured stuff doesn’t evolve. Our does.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Regarding stock market failures in 2008, that was success: without outside assistance, the invisible hand of capitalism found the real value of the investments being sold.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>spike<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p></div></div><div><blockquote style='border:none;border-left:solid #CCCCCC 1.0pt;padding:0in 0in 0in 6.0pt;margin-left:4.8pt;margin-right:0in'><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p></blockquote></div></div></body></html>