I am a strong believer in unfettered markets, as indicated by the title of my most recent book: Unwarranted Intrusions: The Case Against Government Intervention in the Marketplace Wiley, In that book I point out that even economists who share my philosophical orientation acknowledge that some system — whether government-instituted or self-regulatory — is needed to ensure that banks act responsibly.
Depositors at other banks may interpret the failure as a sign that their own banks are in jeopardy. They may then withdraw their money, triggering a series of bank runs that reduces credit availability and impairs economic growth. Key elements of the solution that has evolved in the United States include a lender of last resort the Federal Reserve and government-sponsored deposit insurance.
Maintaining this apparatus is not cheap, but for its money the nation gets comfort that three banking functions essential to the operation of the economy will continue without interruption, namely deposit-gathering, credit extension, and maintenance of the payments system.
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If these activities had not been in danger of breaking down during the dark days of , there would be no talk now of reshaping the banking industry. A backstop of that sort amounts to a subsidy for a favored group of investment managers — hardly the kind of thing one would expect defenders of laissez faire to support. Those who champion freedom of choice should have no problem asking financial institutions to choose between a government-provided security blanket and a chance to roll the dice in the securities and commodities markets.
Fridson debunks programs that claim to provide jobs, encourage savings, provide affordable housing, and preserve family farms—among many others.
ISBN 13: 9780471687139
Unwarranted Intrusions is a provocative and exhaustively researched challenge to prevailing political claims of programs that purport to protect the public good. He has written on economics for Barron's and is a consultant to the Federal Reserve Board of Governors.
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The following year, he launched Leverage World, the first independent research publication focused on high-yield bond strategy. Table of Contents Preface. The Politics of Market Intervention. A Nation of Subsidies.
Here They Come to Save the Day! Be It Ever So Deductible. Protection Racket. Location and Misallocation.
Martin fridson s unwarranted intrusions the case against government intervention in the marketplace
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