Government, Preventing Free Market Failure

IN TEH PAST MONTH three fairly large banks have failed, meaning that at all three, the depositors all suddenly decided at the same time to withdraw their money, the banks couldn't handle it, and went "under". First, they had to close their doors, then announce that they would not be reopening. The assets and customers and chareholders of all three are being dealt with. The assets have been purchased by larger, healthier banks, sich as J.P.Morgan Chase, the depositors will get their money back thanks to the FDIC, and the shareholders? Well, they're just plain out of luck, their bank stock gone with the wind, so to speak. All three died of essentially the same disease; humanerror. Or rather, human greed, leading to idiotic, egregious, risky, unsound investments by the banks and their financial managers with other people's money. Why did this happen? Lack of government oversight, clearly. A failure of the federal and state governments to properly monitor and regulate the banks. And of course the governments are not regulating banks, nor any other fincnaical institutions, very closely these days, due to the implementation of conservative Republican policies, which, above all else, includes a drastic reduction in government's power and authority to regulate the free market, or any part of it, including big banks. Chalk up yet another disaster to right wing lunacy, in particular, the lunacy of actually believing that the "free market" regulates itself better than government can or should. We know better in our modern age of economic understanding. We now know that in a modern, vastly large and complex international capitalist economy the free market simply does not correct itself. There must be government involvement in the form of international agreements, and natioanl conomic regulation, thing such as laws against highly speculative ventures within the financial services profession. An unregulated American or global economy would be disastrously chaotic, and, while indeed problems would in the long run "correct themselves", the process, left unassisted to natural forces, would include massive recessions, depressions, and collapses, all unnecessary in a well regulated market economy. For more than a hundred years it has been perfectly obvious that without strong government intervention in a nation's economy, disaster results. The next time somebody tells you that we simply must avoid socialism, you might ask the person whether he or she intends to avoid receiving social security.