>Your faith in free markets to do what is best for us is truly touching.

Yeah, corporations/big banks should be left alone to do their best in maximising profits.
Their all nice responsible human beens. Why do we bother them. It is not enough that they have
to do all that overly complicated accounting, but we need to control them on top of it ?

Why do they even need accounting ? If capital is not real any more, why bother accounting for it at all ??
Immagine SEC (and UK/FSA) decided to investigate Goldman Sachs (good morning Columbus!), instead of congratulating
them on 3.5b profit. What did they do to deserve such humiliating threatment ?? {vbg}


>
>>Free markets depend on truth telling. Prices must reflect the valuations of consumers; interest rates must be reliable guides to entrepreneurs allocating capital across time; and a firm's accounts must reflect the true value of the business. Rather than truth telling, we are becoming an economy of liars. The cause is straightforward: crony capitalism.
>>...
>>Distorted prices and interest rates no longer serve as accurate indicators of the relative importance of goods. Crony capitalism ensures the special access of protected firms and industries to capital. Businesses that stumble in the process of doing what is politically favored are bailed out. That leads to moral hazard and more bailouts in the future. And those losing money may be enabled to hide it by accounting chicanery.
>>
>>If we want to restore our economic freedom and recover the wonderfully productive free market, we must restore truth-telling on markets. That means the end to price-distorting subsidies, which include artificially low interest rates. No one admits to preferring crony capitalism, but an expansive regulatory state undergirds it in practice.
>>
>>Piling on more rules and statutes will not produce something different than it has in the past. Reliance on affirmative principles of truth-telling in accounting statements and a duty of care would be preferable. Deregulation is not some kind of libertarian mantra but an absolute necessity if we are to exit crony capitalism.
>>
>>
>>http://online.wsj.com/article/SB10001424052748704508904575192430373566758.html?mod=djemEditorialPage_h