Monday, November 24, 2008

Deregulation and Bailout

There are people out there who hold “free market” as an ideology rather than a practical approach to increase the welfare of the society. They advocate minimum government, deregulation, and freedom, to the degree that regulation is seen as bureaucratic and evil.

However, in time of crisis they go out to ask for government help in astronomical sum of money. This is inconsistent. One who wants no adult supervision should take full responsibility of one’s action and expect no rescue. If you want unlimited speed highway you should not ask for ambulance when you have an accident. That is the spirit of freedom. Insisting deregulation in good times and a bailout in bad ones is irresponsible and hypocritical.

Now regulation is in vogue again. However, in ten years you will start to hear vocal opinions on deregulation and the merit of freedom again. Be aware of such voice. A lot of them are only irresponsible folks.