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This guy is a genius, this was written in 2008. I find much of it is coming true right now. I hope much of the damage this Pres and Congress are imposing on America, can be reversed, down the road. I think the deeper we get in the muck, the more ppl are going to revolt and the next Pres will have tons of pressure to move America more to the right. The article link above is a must-read.
A few telling excerpts:
Corruption and fraud in the accounting practices of many companies are coming to light. There are those who would have us believe this is an integral part of free-market capitalism. If we did have free-market capitalism, there would be no guarantees that some fraud wouldn't occur. When it did, it would then be dealt with by local law-enforcement authority and not by the politicians in Congress, who had their chance to "prevent" such problems but chose instead to politicize the issue, while using the opportunity to promote more useless Keynesian regulations.
We cannot depend on government to restore trust to the markets; only trustworthy people can do that. Actually, the lack of trust in Wall Street executives is healthy because it is deserved and prompts caution. The same lack of trust in politicians, the budgetary process, and the monetary system would serve as a healthy incentive for the reform in government we need.
Markets regulate better than governments can. Depending on government regulations to protect us significantly contributes to the bubble mentality.
These moves would produce the climate for releasing the creative energy necessary to simply serve consumers, which is what capitalism is all about. The system that inevitably breeds the corporate-government cronyism that created our current ongoing disaster would end.
Capitalism didn't give us this crisis of confidence now existing in the corporate world. The lack of free markets and sound money did. Congress does have a role to play, but it's not proactive. Congress's job is to get out of the way.
The abortion that American Capitalism has become, has certainly failed. It doesn't bear much resemblance to what it used to be. Well, except just prior to the Great Depression.
Actually the "genius" is writing about things that already happened. Sarbanes-Oxley passed back in 2002 after the "corruption and fraud" of many private companies came to light. You think that globalization is fantastic then I take it, we should not then regulate anything coming out of China or other countries, just let the markets handle it. And I would love to see local law enforcement deal with Wall Street firms and take on BP for the spill. Yup, it all makes sense to me. Just Genius.
This guy is a genius, this was written in 2008. I find much of it is coming true right now. I hope much of the damage this Pres and Congress are imposing on America, can be reversed, down the road. I think the deeper we get in the muck, the more ppl are going to revolt and the next Pres will have tons of pressure to move America more to the right. The article link above is a must-read.
A few telling excerpts:
Corruption and fraud in the accounting practices of many companies are coming to light. There are those who would have us believe this is an integral part of free-market capitalism. If we did have free-market capitalism, there would be no guarantees that some fraud wouldn't occur. When it did, it would then be dealt with by local law-enforcement authority and not by the politicians in Congress, Bernie Madoff ripped people off to the tune of how much? And you believe the locals can handle White collar crime on that degree? How would the local barnie fife handle international and interstate crime such as Madoff's? How would they handle interstate crimes (Enron's CA electricity debacle? who had their chance to "prevent" you mean like NOT DEREGULATING these monsters?such problems but chose instead to politicize the issue, while using the opportunity to promote more useless Keynesian regulations.
We cannot depend on government to restore trust to the markets; only trustworthy people can do that. Do you honestly believe those types like the Enron traders that manipulated and bilked California citizens out of money or the Bernie Madoffs are trustworthy? Actually, the lack of trust in Wall Street executives is healthy because it is deserved and prompts caution. The same lack of trust in politicians, the budgetary process, and the monetary system would serve as a healthy incentive for the reform in government we need.
Markets regulate better than governments can. Do you also believe we should stop subsidizing farmers to the tune of billions every year? What about oil company subsidies? Depending on government regulations to protect us significantly contributes to the bubble mentality.
These moves would produce the climate for releasing the creative energy necessary to simply serve consumers, It's never been about 'serving consumers'. It's always been about how much money one can get for a product. And 8 out of 10 people would cheat you for an extra dollar. which is what capitalism is all about. The system that inevitably breeds the corporate-government cronyism that created our current ongoing disaster would end.
Capitalism didn't give us this crisis of confidence now existing in the corporate world. The lack of free markets and sound money did. Congress does have a role to play, but it's not proactive. Congress's job is to get out of the way.
Capitalism didn't really fail because it was never really practiced.
Sorry, but government interventions in the housing market through Freddie/Fannie along with manipulation of monetary policy (through absurdly low rates of borrowing) is not capitalism. Letting banks off the hook for their bad decisions is not capitalism. Privatizing profits and socializing losses is not capitalism.
What we have today is crony capitalism..last seen in the late 1920's as florida.bob posted. Read below and tell me that is not how the system is working today.
Crony capitalism is a pejorative term describing an allegedly capitalist economy in which success in business depends on close relationships between businesspeople and government officials. It may be exhibited by favoritism in the distribution of legal permits, government grants, special tax breaks, and so forth.
Crony capitalism is believed to arise when political cronyism spills over into the business world; self-serving friendships and family ties between businessmen and the government influence the economy and society to the extent that it corrupts public-serving economic and political ideals.
What we have today is crony capitalism..last seen in the late 1920's as florida.bob posted. Read below and tell me that is not how the system is working today.
Crony capitalism is a pejorative term describing an allegedly capitalist economy in which success in business depends on close relationships between businesspeople and government officials. It may be exhibited by favoritism in the distribution of legal permits, government grants, special tax breaks, and so forth.
Crony capitalism is believed to arise when political cronyism spills over into the business world; self-serving friendships and family ties between businessmen and the government influence the economy and society to the extent that it corrupts public-serving economic and political ideals.
Actually, I would leave out the word "capitalism" since it doesn't apply. The real culprit is "government interference" where it not only doesn't belong, but is unconstitutional.
What we have today is crony capitalism..last seen in the late 1920's as florida.bob posted. Read below and tell me that is not how the system is working today.
Crony capitalism is a pejorative term describing an allegedly capitalist economy in which success in business depends on close relationships between businesspeople and government officials. It may be exhibited by favoritism in the distribution of legal permits, government grants, special tax breaks, and so forth.
Crony capitalism is believed to arise when political cronyism spills over into the business world; self-serving friendships and family ties between businessmen and the government influence the economy and society to the extent that it corrupts public-serving economic and political ideals.
Exactly. I wish liberals understood the difference because they don't. Ever since the Fed was created (by a Democrat congress and wonderful Woodrow Wilson the liberal eugenicist), the true free market has died in this country
What we have today is crony capitalism..last seen in the late 1920's as florida.bob posted. Read below and tell me that is not how the system is working today.
Crony capitalism is a pejorative term describing an allegedly capitalist economy in which success in business depends on close relationships between businesspeople and government officials. It may be exhibited by favoritism in the distribution of legal permits, government grants, special tax breaks, and so forth.
Crony capitalism is believed to arise when political cronyism spills over into the business world; self-serving friendships and family ties between businessmen and the government influence the economy and society to the extent that it corrupts public-serving economic and political ideals.
This guy is a genius, this was written in 2008. I find much of it is coming true right now. I hope much of the damage this Pres and Congress are imposing on America, can be reversed, down the road. I think the deeper we get in the muck, the more ppl are going to revolt and the next Pres will have tons of pressure to move America more to the right. The article link above is a must-read.
A few telling excerpts:
Corruption and fraud in the accounting practices of many companies are coming to light. There are those who would have us believe this is an integral part of free-market capitalism. If we did have free-market capitalism, there would be no guarantees that some fraud wouldn't occur. When it did, it would then be dealt with by local law-enforcement authority and not by the politicians in Congress, who had their chance to "prevent" such problems but chose instead to politicize the issue, while using the opportunity to promote more useless Keynesian regulations.
We cannot depend on government to restore trust to the markets; only trustworthy people can do that. Actually, the lack of trust in Wall Street executives is healthy because it is deserved and prompts caution. The same lack of trust in politicians, the budgetary process, and the monetary system would serve as a healthy incentive for the reform in government we need.
Markets regulate better than governments can. Depending on government regulations to protect us significantly contributes to the bubble mentality.
These moves would produce the climate for releasing the creative energy necessary to simply serve consumers, which is what capitalism is all about. The system that inevitably breeds the corporate-government cronyism that created our current ongoing disaster would end.
Capitalism didn't give us this crisis of confidence now existing in the corporate world. The lack of free markets and sound money did. Congress does have a role to play, but it's not proactive. Congress's job is to get out of the way.
In a true free market, there would be no such thing as a "corporate" world. Corporations are creations of the government. A true free market is nothing more and nothing less than individuals engaging in voluntary trade with one another.
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