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"...public opinion deserves to be respected as well as despised" G.W.F. Hegel, 'Philosophy of Right'

fat cat bounce « Previous | |Next »
May 9, 2009

Down with all this mushy collectivist pseudo-altruism that has become so fashionable of late. Self-interest and competition rules in capitalism. Lets face it the mushy collectivist pseudo-altruism of social justice is just a cover for the loser's jealousy and envy of those who have the talent to be successful in a market society, which rightly rewards those who have the courage to take risks.

fatcats.jpg Steve Bell

The loser's resentment assumption of an omniscient and benevolent government to protect against "market failure" ignores the real problem instead of needing to protect us from a government failure. “Boom and bust” has been a feature of capitalism from the beginning, as is inequality. It's a question of who best can adapt to the natural laws that govern the economy.

There is now too great an emphasis on regulation that stifles freedom. We are definitely on the road to serfdom. We need to put things back on track. What is good for Wall Street is good for the world.It is crystal clear that deregulation and privatisation resulted in general prosperity. The truth that needs to be recovered in these dark times is that private, profit-driven economic activity is self-regulating and, when necessary, self-correcting.

The right response to this rhetoric is given by Benjamin M. Friedman in the New York Review of Books. He says:

the major American financial institutions and the markets they dominate turn out to have served the country badly in recent years. The surface evidence of this failure is the enormous losses—more than $4 trillion on the latest estimate from the International Monetary Fund—that banks and other lenders have suffered on their mortgage-related investments, together with the consequent need for the taxpayers to put up still larger sums in direct subsidies and guarantees to keep these firms from failing. With nearly 9 percent of the labor force now unemployed and still more joining their ranks, industrial production off by 13 percent compared to a year ago, and most companies' profits either falling rapidly or morphing into losses, it is also evident that the financial failure has imposed huge economic costs.

That does not represent an effective mechanism for efficiently allocating capital to productive ends.

| Posted by Gary Sauer-Thompson at 7:17 PM | | Comments (1)
Comments

Comments

I here tell bubonic plague is great for the funeral and coffin industries, too.