PRESS RELEASE FROM THE AYN RAND INSTITUTE
2121 Alton Parkway, Suite 250
Irvine CA 92606
July 24, 2002
FOR IMMEDIATE RELEASE
GOVERNMENT REGULATION IS KILLING THE STOCK MARKET
IRVINE, CA -- The steep decline in the stock market is being fueled
by investors' realization that increasing government constraints on
corporate America will harm business and the economy--not help them, said
Yaron Brook, executive director of the Ayn Rand Institute.
"Instead of launching a witch-hunt against CEOs and rushing to give
the government wider powers over business, we should get rid of the complex
and contradictory regulations that encourage bad accounting and prevent
shareholders from acting in their own interest."
"The common explanation that 'greed' is to blame makes no sense--the
abuses in companies like Enron and WorldCom were not exercises in
self-interest, but in self-destruction.
"In an unfettered free market the desire for profit is satisfied by
honest, long-range, rational behavior: by innovating, by hiring the best
employees, by selling quality products and by providing accurate information
to the owners of the corporation--the shareholders. As for short-range
managers, the markets will not tolerate them. As for the real swindlers,
existing laws against force and fraud are sufficient to protect us."
"If our politicians are indeed concerned about the stock market,"
said Dr. Brook, "let them demonstrate it by eliminating, not adding,
regulations and making the market truly free."
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Ayn Rand Institute executive director Dr. Yaron Brook is available for
interviews on this topic.
Contact: Larry Benson
E-mail: larryb@aynrand.org
Phone: (949) 222-6550 ext. 213
Read Dr. Brook's full Op-Ed at:
http://www.aynrand.org/medialink/killingthestockmarket.shtml
For more information on ARI's unique point of view go to Medialink at the
Institute's Web site at www.aynrand.org. Founded in 1985, the Ayn Rand
Institute promotes the philosophy of Ayn Rand, author of Atlas Shrugged and
The Fountainhead.
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