All above are correct.
You can't explain Libertarianism to a guy wanting to know how the government is going to protect him, the poor, the elderly, etc. Well, you can explain it, but he's not going to like it.
That's the whole point: the MARKET handled ENRON.
This thing really burns me.
You've got ENRON boosters out there talking about how much the company is doing, so the stock should be worth lots of money.
You've got investors buying this stock, IGNORING the common indicators of stock value. Why? GREED. They thought they knew better than conventional wisdom, and were going to get rich. They didn't, tough, that's how the market works.
These "poor" workers who lost all of their savings because of a selling "freeze?"
Puhleeze. They held their stock until it tanked to something like $3 a share, it had ALREADY lost 90+% of its value, THEN, and ONLY THEN did the company freeze their holdings. They were already broke.
Look, the American dream is that any one of us can get rich.
The corollary, which we don't like to think about, but which is NECESSARY to enable the dream, is that not everybody can get rich, in fact, the vast majority will NOT, ever, get rich.
Some people will lose money.