The end of ‘leave it to the markets’... the words of a financial expert. I had blogged earlier about the return of समाजवाद – that is, the intervention of an avowedly pro-free market government when the situation requires. That was before the collapse of Lehman Bros. and Merrill Lynch. Since then the near total bailout of Wall Street institutions by the US government has only confirmed that thought. Thomas Friedman says it succintly in his NY Times column :

In sum, government’s job is to police that fine line between the necessary risk-taking that drives an innovation economy and crazy gambling with other people’s savings in ways that threaten us all.

No comments: