Financial Crisis Debate (5 of 13) Jim Chanos

The goal of IQ2 US is to raise the level of public discourse on our most challenging issues. To provide a new forum for intelligent discussion, grounded in facts and informed by reasoned analysis. To transcend the toxically emotional and the reflexively ideological. To encourage recognition that the opposing side has intellectually respectable views. To engage the live audience as active participants who will ask questions and decide which speakers have carried the day by voting on the motions both before and after the debate.

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[bighitter42]

I make the argument that LESS regulation is needed. In fact the Austrian economists who predicted this situation argue for less regulation.

Excessive regulation are a huge part of the current problem.

[Juvenal4668]

Jim Chanos: "Ladies and Gentlemen, I will pose to you that there has not been one major financial fraud in the last 25 years uncovered by the government, outside auditors or outside counsel. It has always been journalists, whistleblowers or short sellers."

[equsnarnd]

One of the unintended consequences of over regulation, of overly complex regulation, is that it attracts into business those less willing to be honest, to take the long view, to do the right thing.

[bighitter42]

@BallaholicNo10in89 Without free money being pumped into the bubbles through the fed, I don't see bubbles hurting anyone other than those who made the poor decision to jump in. The bubble is much smaller, people lose money in one industry, but it doesn't threaten investments across the board.

Bubbles will exist for eternity, unless you propose having a new government agency that determines who and how many people can invest in a particular good or service. So you're correct it's human nature.

[BallaholicNo10in89]

@bighitter42 loose monetary policy obviously fuels bubbles, but what essentially causes them is human psychology and unregulated markets would certainly not solve this problem.

[rexdeodium]

No, i want to hear more from Chanos! He's such a smart guy :(

[pagola]

@bighitter42 LMAO

[bighitter42]

@Renegen1 Wow! What a monopoly. I type this on a computer with an AMD processor. Lord knows that Intel only has a large market share because they're evil.

Just absolutely obscene that businesses profit from intellectual property and good decisions.

How dare Standard push small businesses under by bringing people energy at a lower cost than previously existed! Those meanies.

The only thing Canadian I envy is your more reasonable immigration and work visa policies.

[Renegen1]

No, it's a little telling that you can't think of any other monopoly example, I was simply bringing Standard Oil into it because it flat out dominated a gigantic market, making Rockerfeller the wealthiest person alive...

Intel has just been forced yesterday to pay over $1 billion to AMD because it used its monopoly power (controlling 80% of chip market). Yes, the "evil" government came after Intel for trying to kill their only competitor.

Intel also had similar trials in the EU.

[bighitter42]

@Renegen1 I vary rarely vote Republican.

Yes I mean subsidies like those and the very existence of Medicare.

It's also a little telling that to find a suitable candidate for a monopoly you had to reach back into history over a full century.

[Renegen1]

And are you DOING anything about those evil government interferences like subsidies and regulations against small business? Of course not, you're voting for the latest batch of republicans. They might say the right things, and that's all you care about. Americans let the country fall into the dumps on their watch, you screwed up.

As a Canadian, I am biased. You have to take sides when it comes to your future. Enjoy your 20% unemployment, wars, poverty and huge deficits.