The last time I looked, America is still a free market society. Markets are created where buyers and sellers can come together, bargain on a price, and make the sell or buy on agreed price.

One argument that we have today is about securitization… whether it’s a healthy process in a free market society. Those that believe securitization is a good thing argue that one should not look at affordability as the only factor in purchasing a home, and that if things have gone bad it is not because it is the responsibility of market creators of mortgage securities, but it is due to a whole lot of other macro factors along with herd mentality of the general population.

On the other side of the coin, another view is that the Government and other types of Bureaucrats should be responsible, accountable and transparent in their activities.

Many people are saying we are going to have to “pay the piper”. If so, who is going to have to pay the piper.

We have heard this expression all our lives. “You’re going to have to pay the piper.” Or “Who pays the piper, calls the tune.” Another one, “Those that dance must pay the music.”

So, my questions are… 1) what does “pay the piper” mean? ... where on earth did this expression come from?  2) Are we going to have to "pay the piper"?

Many people connect the proverbial expression "To pay the piper" with the Pied Piper of the Hamelin legend.

From Wiki & Wikicommons… The Pied Piper of Hamelin is a legend about the abduction of many children from the town of Hamelin, Germany. Famous versions of the legend are given by the Brothers Grimm and, in English, by Robert Browning.

In Robert Browning's poetic version, The Pied Piper of Hamelin, to be a pied piper refers positively or negatively to various types of figures who want to bring people of all ages and walks of life under their spell. Such modern pied pipers could be politicians, leaders of religious sects, rock stars, teachers or whatever – but all attempting to lead people to some kind of goal.

A number of the large dictionaries gives these examples:

Pied Piper – a person who induces others to imitate his example, esp. by means of false or extravagant promises.

Pied piper – one that offers strong but delusive enticement; a leader who makes irresponsible promises.

Pied piper – a person who entices or misleads others

Today, the Pied Piper is seen as an ambitious person who can fit almost any leadership situation -- from the worst political demagogue to an innocent little drummer boy.

Which Pied Piper do we follow? And, Will we have "to pay the piper" in the end?

Pied Piper copied from the glass window of the Market Church in Hameln/Hamelin Germany(ca.1300-1633) Painting by Augustin von Moersperg (1592). This image scaned from ISBN 4-480-02272-4, that was published by Abe Kinya in 1988.