The Gains From Technology Must Be Channeled

We're Essentially Continuing A System Where Profits Are Privatized And...losses Socialized.

I Believe, Unlike People That Are Totally Free-market, Laissez-faire Fundamentalists, That There Is An Important Role That The Government Can Play - One, In Providing Public Goods, Whether It's Education, Health Care, Or Other Things, And Two, Supervising Countercyclical Policy - Stimulus, Whether It's Monetary, Fiscal, Or Otherwise.

If We Didn't Have Greed, Market Economies Wouldn't Be As Innovative As They Are. But In My View, Greed Has To Be Contained By The Fear Of Losses, So There Has To Be A System Where, If You Take Too Much Risk, You Go Into Bankruptcy. You Don't Systematically Bail Out People Who Take Excessive Risks.

But In The Financial Markets, Without Proper Institutional Rules, There's The Law Of The Jungle - Because There's Greed! There's Nothing Wrong With Greed, Per Se. It's Not That People Are More Greedy Now Than They Were 20 Years Ago. But Greed Has To Be Tempered, First, By Fear Of Losses. So If You Bail People Out, There's Less Fear. And Second, B Prudential Regulation And Supervision To Avoid Certain Excesses.

In The History Of Modern Capitalism, Crises Are The Norm, Not The Exception.