Chronicles Of Depression 2.0: #385: Reality
Reality is what the laissez-faire ideologues and the Ayn Randroids can’t recognize.
LONDON (Reuters) – Business leaders around the world back greater regulation in response to the global financial crisis, a survey showed on Wednesday, with support strongest for curbs on credit rating firms, hedge funds and structured finance.
Responses from more than 700 chief executives, chairmen, partners and directors across Asia, Europe and the United States were received between November 4th and 6th.
The survey, conducted by international law firm Allen & Overy, was timed ahead of this weekend’s Washington DC summit on the deepening crisis between the leaders of the Group of 20 leading world economies.
More than three-quarters of those polled agreed that more regulation of credit rating agencies was necessary, while two thirds supported greater regulation of hedge funds.
Some 67 percent said more complex instruments used in global finance — such as securitizations and other forms of structured credit — required better regulation, more restrictions and more disclosure.
Even more, 77 percent, said derivative products that provided exposure to shares should be made more transparent.
Emphasis added by me.
The laissez-faire-ists and Randroids live in an alternate universe where self-interest = best interest and no one ever gets cheated and all children grow up to look like John Galt and Dominique Francon.