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The free market is based on individualism. Something you've clearly shown a disdain for. Friedman would never claim the collective could make better decisions than each individual for him/herself. Using "associates" means I could call Obama and devout communist. Cool?
I don't know whether the lack of comprehension is due to the bursting of your ideological bubble or some kind of impairment disability.
YOU called Dr. Schwartz a supreme, left wing demagogue, the woman who with Milton Friedman, created the modern free market ideology.
This is typical of the cult of Beck and those of their ilk to try to revise history to suit their ideology and attack and demonize anything that is actually based in the rest of the world's reality.
These are the classic tactics of lunatic fringe cults.
Its time to rejoin reality little jonnie.
The world is not necessarily that which Glen Beck, Limbaugh and Faux News has indoctrinated you to believe it is.
Man, this eerily feels like I'm a parent trying to reason with a child that's throwing a tantrum because you told him the tooth fairy's not real.
Quote:
Originally Posted by BigJon3475
The fact that I replied quickly means nothing more than I'm up and so are you. Sorry to crush your narcissistic hopes.
Sure, take my advice sonny, unplug, get offline, tune out lunatic fringe radio disc jockeys and start traveling and reading books.
Hopefully horizons would broaden,......, hopefully.
"Too big to fail is in many ways the central challenge here," he said. "Because when institutions are too big to fail, they gain a competitive advantage from the sense of government support. And so -- and that gives them an unfair competitive advantage.
"They are then able to take risks without market discipline, and when they take those risks, then they fail," he continued. "And if they're too big to fail, taxpayers are on the hook and the rest of the economy suffers, as we've seen."
The nation's four biggest megabanks collectively hold about $7.7 trillion in assets, according to their most recent regulatory filings with the Federal Reserve. That's about a $300 billion increase from the end of 2009, Fed stats show. It's also more than half of the nation's estimated total output last year."
"Too big to fail is in many ways the central challenge here," he said. "Because when institutions are too big to fail, they gain a competitive advantage from the sense of government support. And so -- and that gives them an unfair competitive advantage.
"They are then able to take risks without market discipline, and when they take those risks, then they fail," he continued. "And if they're too big to fail, taxpayers are on the hook and the rest of the economy suffers, as we've seen."
The nation's four biggest megabanks collectively hold about $7.7 trillion in assets, according to their most recent regulatory filings with the Federal Reserve. That's about a $300 billion increase from the end of 2009, Fed stats show. It's also more than half of the nation's estimated total output last year."
Well-quoted--and it's also an argument for how they are still not too big to fail.
For the health of our capitalist system, they should fail. Propping up failed business models does long-term damage to our system.
We will have a period of chaotic change (can anyone deny we haven't already experienced this and for nothing?).
But the resiliency of the American people will carry us over any period of chaos. Our government bailing out failed businesses and financial systems only perpetuates the rot in our system.
Well-quoted--and it's also an argument for how they are still not too big to fail.
For the health of our capitalist system, they should fail. Propping up failed business models does long-term damage to our system.
We will have a period of chaotic change (can anyone deny we haven't already experienced this and for nothing?).
But the resiliency of the American people will carry us over any period of chaos. Our government bailing out failed businesses and financial systems only perpetuates the rot in our system.
The house of cards is going to collapse soon. The bailout was only sticking bandaids on a gaping wound. It's akin to paying your bills off with a credit card, sooner or later you still have to pay the debt with real money, not loaned money. Europe will most likely implode dragging us down with them, look up Gerald Celente on youtube and google
Well-quoted--and it's also an argument for how they are still not too big to fail.
For the health of our capitalist system, they should fail. Propping up failed business models does long-term damage to our system.
We will have a period of chaotic change (can anyone deny we haven't already experienced this and for nothing?).
But the resiliency of the American people will carry us over any period of chaos. Our government bailing out failed businesses and financial systems only perpetuates the rot in our system.
If the resiliency of the American people will carry us over any period of chaos, let's let this be as chaotic as it's going to get, hmm? "Too big to fail" means there are hundreds of thousands, if not millions, of jobs directly or indirectly dependent on the entity's viability. Dont see why people dont understand that.
"So what has this got to do with the bread on Abiba's plate? How could this parallel universe of speculation affect her? Until deregulation, the price for food was set by the forces of supply and demand for food itself. (This was itself deeply imperfect: it left a billion people hungry.) But after deregulation, it was no longer just a market in food. It became, at the same time, a market in contracts that were speculating on theoretical food that would be grown in the future - and the speculators drove the price through the roof.
Here's how it happened. In 2006, financial speculators like Goldman's pulled out of the collapsing US real estate market, and they were looking for somewhere else to make their stash of cash swell. They started to buy massive amounts of derivatives based on food: they reckoned that food prices would stay steady or rise while the rest of the economy tanked. Suddenly, the world's frightened investors stampeded onto this ground and decided to buy, buy, buy.
So while the supply and demand of food stayed pretty much the same, the supply and demand for contracts based on food massively rose - which meant the all-rolled-into-one price for food on people's plates massively rose. The starvation began."
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Protecting businesses from failure, no matter how big, is the death of market capitalism. When the bankers know they will be insured by the government there is no longer a risk of failure to restrain the speculating gamblers. This eventually leads to a failure of the financial system and that takes everything else down with it.
IMHO we should have had the government buy the financial companies, at bankruptcy prices, and replace, after fining the executives that created the mess their entire personal fortunes, instead of bailing them out and leaving the speculators in place. Then the government could have restructured the finance industry into separate competing entities with entirely new management. What we did will only continue the crony capitalists speculating under government insurance.
this thread should've ended right here.
Remember when the gov't used to bust up monopolies? or at the very least let them operate only under strict oversight?
If your company is big enough to affect (read:distort) market prices (Enron anyone?) then your company is too big.
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Even One Of The Founders Of Free Markets Agree: What We Have Right Now Is Not Free Market Capitalism
