I was being sarcastic. Actually the reference to the subprime loan fiasco was to exemplify how hollow their creed sounds. Leave the markets alone but when the whole thing crumbles billions in taxpayers money are much welcome, in other words, privatizing profits and socializing losses becomes quite an acceptable practice. Now and then I do suffer bouts of intolerance towards those making solemn pronunciations about the infallibility of the markets.
On the link that I provided, one would have encountered this statement on the very first page:
While much attention has been given to a variety of gaps in the financial regulatory system, this article looks at those gaps as only the most immediate cause of the financial crisis. We see the financial crisis as ultimately stemming from the effort to use finance, and in particular consumer debt, as a strategy for counteracting the effects of stagnating incomes and increased inequality of wealth.
Consequently, this paper seeks to trace the key deregulatory decisions in three markets -- labor markets, home mortgage markets, and finally, the broader financial markets with particular attention to the institutions involved in constituting the secondary and tertiary markets in securities derived from home mortgages.
Singapore has a very large expatriate population which is the first to suffer the consequences of the local economy going into recession.
