Comment: I often hear "the market did this today" and....

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I often hear "the market did this today" and....

reach the same conclusion that this implies an impersonal mechanism that ignores the individuals who animate the market. And while this can be used to deny the rights of market makers, conversely, it can be used to shield them from accountability for wrong doing. For example, some argue that markets are ammoral, free from any moral judgement. But all nations have laws against theft, fraud, murder, etc., and these laws are based on moral judgements. So the argument that markets are ammoral is a clever attempt to place the individuals who comprise financial elites above the law.

I would like to continue this dialogue so others can follow the thread, so if you want to, click on "new comment" at the bottom of my post to bring the comment to the top of the page. Thanks.

PS: I changed the title of the post to indicate my acceptance of the prevalent definition of a free market. (Rand Paul: One person can make a difference) (Fast and Furious hearing)