Inside Story - Rigged bank rates: guest goes ballistic.

[pam4water]

6. Want BS! Philip Booth, "Ethical standard can not be regulated into existence." That is the exact sam

That is the exact same BS I heard on CNBC when the ENRON fraud broke. People from Arthur Andersen were all over CNBC and other news outlets saying the only think that could counter malfeasance corporate culture. But of-course he could not really say how corporate culture would actually accomplish the setting of ethical standard when asked and no one or corporate media actually pressed them for an answer.

There are not self regulation systems!
There are not self regulation systems!
There are not self regulation systems!
There are not self regulation systems!
There are not self regulation systems!
.
.
.

Even and especially the free market systems!

Like it or not every system need some forum of policing as well as a counter balance. If you set up a better system, you need few police but you still need them.

Britain could brake up it's banks so there were 30 or more small ones of about equal size the no one bank (or cartel) could set or effect interest rates. But you'd still need regulation, monitoring and enforcement to make the system work.

I love watching Max Keiser in debates and on his shows, but he still seems to believe in all the Milton Friedman the free markets will fix everything, even though there are blaring contradictions in those points of view.