[ExI] philosophy poll

[William Flynn Wallace]

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.



spike


It was very good that they found out for themselves what they did wrong,
but too late to avoid trillions (?) of dollars lost by people's retirement
funds et alia.  I certainly would have bitten that hand.  I did not follow
that story, (no dog in the fight) but surely government did some regulatory
something to halt this sort of thing before it got out of hand.  Huge
corporations going out of business.  Hard for me to call that success
unless you regard the company as having been a tumor in the marketplace to
start with.  Propping up GM with our money.  Success?  I would have let
them die.

bill w

On Tue, Aug 27, 2019 at 4:02 PM ilsa via extropy-chat <
extropy-chat at lists.extropy.org> wrote:

> Manly Hall
>
> On Tue, Aug 27, 2019, 1:48 PM spike jones via extropy-chat <
> extropy-chat at lists.extropy.org> wrote:
>
>>
>>
>>
>>
>> *From:* extropy-chat <extropy-chat-bounces at lists.extropy.org> *On *
>> *Subject:* Re: [ExI] philosophy poll
>>
>>
>>
>> >>…Market failures are what causes market successes. spike
>>
>>
>>
>> >…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
>>
>>
>>
>>
>>
>>
>>
>> No, I meant companies compete with each other, they make stuff,  some of
>> their products succeed, others fail.
>>
>>
>>
>> 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.
>>
>>
>>
>> Communism suppresses market competition. Their manufactured stuff doesn’t
>> evolve.  Our does.
>>
>>
>>
>> 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.
>>
>>
>>
>> spike
>>
>>
>>
>>
>>
>>
>>
>>
>>
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