[srwh]

As an Argentinian I see a core point missing: evolving Corruption In this crisis US can't differentiate between free market and corruption. Why S&P and other rating agencies gave AAA to AIG? it was really a miscalculation?

But to be realistic Argentina is infinite far from US. US has the opportunity to heal itself while Argentina future is very dark.

[tokenadult]

I see a core point missing: evolving Corruption

I think part of the argument here is that concentrating property rights into the hands of the few rather than the many, especially if the few control the government, makes corruption much more likely. International comparisons (mentioned in other comments in this thread) tend to show that countries with lots of private ownership of the means of production and minimal role of central government in operating the economy tend to have less corruption.

[Create]

it was really a miscalculation?

Self referential systems are not only prone to failure, but are doomed on the long-run due to missing independent guiding points.

"Any community with only one dominant power is always a dangerous one and provokes reactions." (Jacques Chirac, 2003)