Skipster, the markets in general (not speaking of financial markets here) can be corrupted by undue political influence. And that's a function of large corporations and big bucks.
Financial markets are even worse. Greenspan was wrong regarding them. They must have oversite!!! I'm not enormored of the whole concept of financial markets with their main source of income, macro speaking, being "interest" and "fees". And their main source of income, micro speaking, being "commission" percents and more "fees".
I'd really love to do a whole position paper on this and offer it as THE ISSUE for a winning presidential campaign. But nobody (meaning politicians) will embrace it because they are beholden to the incredibly powerful financial lobby. I keep wiating for a populist to make hay over credit card companies getting an exemption for their customers being unable to write off credit card debt via a bankrupcy filing. This is an issue that could have incrdible legs on the campaign trail, yet we hear nary a peep from our candidates.
I have yet to hear a congressman call out the federal reserve for their role in the sub prime crises. I have yet to hear one take the bond ranking services to task for their myopically high ratings of bundled sub prime "paper".
This borders on criminal at the highest levels of financial market administration and oversite.