[MD] Shouldn't we be, like, revolting ?

[Ham Priday]

Greetings, Mel --


> Ham,
>
> Great post.
>
>> I can't speak for the parliamentary system of Britain,
>> but America was founded as a constitutional republic,
>> not a democracy.
> <snip>
> This is a good point too often forgotten.  Although, it seems
>  that the freemarket often behaves as a VERY DEMOCRATIC
>  institution with it's inherent tyranical exhuberance...hence cycles.

Market cycles are a natural phenomenon, like sickness and health --or, more 
aptly, like fear and confidence.  Exhuberance is a good word for the healthy 
cycles, but last week's  collapse was due to fiscal hubris -- a government 
that had overextended its financial resources, and the (democratic) ideology 
that everybody should be encouraged to buy a home, whether we can afford it 
or not.  Now comes the time to pay the piper.

>> Without the freedom to fail, a society does not have the
>>  freedom to succeed.  That's the risk we all share as
>>  investors in a free market.
>
> How very like a bicycle.
>
> <snip>
>
>>Thus the laws of  economics balance out like the laws of nature.
>>We cannot get something for nothing.  Only so long as we are willing
>> to work for the freedom of all can we enjoy the benefits of a free
>> society under a representative government.
>> I'm not an economist by any means, but this is how I understand
>> Hayek's "Road to Serfdom", and his principles make sense to me.
>
> Well, stated.

Thank you for the compliment, Mel.  We must talk music again sometime.

Best regards,
Ham