deliver unto me, a truly free market.
i'll keep this short. and to the point.
when you say the banks, unfairly getting bailed out is an example of free markets failing, you are misunderstanding what a free market is. in a free market, the banks would have been allowed to fail. individual investors would have been protected to a certain extent by the FDIC until it ran out of money, and large institutional investors would have lost a ton, as they were insured by AIG. oh, is that why they got soooo much money. why they went from being unknown to the individual investor to being front page news. yes.
in a free market, the government would not have stepped in and given tax dollars to the entities of their choosing. the anointed. on a side note, were our currency backed by gold, the government could not have done this. because they'd have to go GET more gold first. when economists say, lets return to a gold standard, it is not because they are living in the past. or because the have huge personal reserves of gold, it is because gold cannot be created out of thin air. you cannot arbitrarily inflate the money supply and give the new money to the anointed of your choosing. it is a check on power.
but pause for a second and think about that power. the power to create money. where there was none. and give it to whomever, individual entity or corporate entity, you choose. powerful stuff there. of COURSE we'll never go back to a gold standard. power of this nature does not willingly contract.
so, anyhow, i understand your outrage at the bailouts. and the fact that our intelligence is insulted daily by politicians saying they are trying to protect the average american only makes it worse. the average american does not get $50 million dollar bonuses. the average american probably did not get a bonus last year, if they were even still employed. the average american gets thrown a bone to keep them content while on the backend is getting charged for the privelage of recieving this bone.
so i understand the outrage. i feel it too. however, attacking policies that were not at fault, is not productive. the free market did not fail you, because the free market, in this case, never really existed. capitalism did not fail you, because capitalism would have let the bankrupt companies die their natural deaths if no buyer stepped up.
we the people, Inc. stepped up. and in my opinion that is the failure. the failure was in the fact that some entities were deemed worthy of being saved, while others, mainly individual families, were not deemed worthy. and that is not how a free market operates. i will not throw out a term here like fascism, or third way economics, mainly because there isn't strong consensus about what that means, so a label will distract from the actual definition. the point is, the free market did not speak. the free market did not decide. the free market was circumvented because the powers that be decided that it should be so. were they right? were they wrong? history will have it's opinion. and i'm not issuing judgement here. i'm just stating, what went down, was not free market economics. not by a long shot. nor was it capitalism.
micheal moore, you are a filmmaker, not an economist. in the words of the Rock, know your role...actually, it's more important that we, those on the hook for the debts of we the people, inc. know his role and look at him as an entertainer, not an educator. a movie based on true economic theory would have been boring. and wouldn't have made him a millionaire once again. micheal moore operates in a free market. in a capitalist enterprise where the owners get to enjoy the profits of their labors. one in which we, the market, get to decide whether or not we support his product. where there are no subsidies granting it to those that cannot afford it on their own. his is an enterprise where a business failure is just that. nothing political. no spin saying the world as we know it will come to an end, should micheal moore inc, not be able to pay it's bills. his is a free market enterprise. albeit one with a steep barrier to entry. those that he criticizes are not. he's a man that knows how to fill the seats. hollywood at its capitalist finest.
and it seems to work out quite smashingly for him. he can bite the hand that feeds him and still get fed. because people like his product. and people hate his product, yet still willingly pay to see it, so that they can trash it later. viva free fucking markets.
on another day, maybe i'll make his actual argument for him and discuss the balance between for profit, not for profit, and gov' run. but that won't be short.
compared to a 1000 page book on economic theory, this was.
when you say the banks, unfairly getting bailed out is an example of free markets failing, you are misunderstanding what a free market is. in a free market, the banks would have been allowed to fail. individual investors would have been protected to a certain extent by the FDIC until it ran out of money, and large institutional investors would have lost a ton, as they were insured by AIG. oh, is that why they got soooo much money. why they went from being unknown to the individual investor to being front page news. yes.
in a free market, the government would not have stepped in and given tax dollars to the entities of their choosing. the anointed. on a side note, were our currency backed by gold, the government could not have done this. because they'd have to go GET more gold first. when economists say, lets return to a gold standard, it is not because they are living in the past. or because the have huge personal reserves of gold, it is because gold cannot be created out of thin air. you cannot arbitrarily inflate the money supply and give the new money to the anointed of your choosing. it is a check on power.
but pause for a second and think about that power. the power to create money. where there was none. and give it to whomever, individual entity or corporate entity, you choose. powerful stuff there. of COURSE we'll never go back to a gold standard. power of this nature does not willingly contract.
so, anyhow, i understand your outrage at the bailouts. and the fact that our intelligence is insulted daily by politicians saying they are trying to protect the average american only makes it worse. the average american does not get $50 million dollar bonuses. the average american probably did not get a bonus last year, if they were even still employed. the average american gets thrown a bone to keep them content while on the backend is getting charged for the privelage of recieving this bone.
so i understand the outrage. i feel it too. however, attacking policies that were not at fault, is not productive. the free market did not fail you, because the free market, in this case, never really existed. capitalism did not fail you, because capitalism would have let the bankrupt companies die their natural deaths if no buyer stepped up.
we the people, Inc. stepped up. and in my opinion that is the failure. the failure was in the fact that some entities were deemed worthy of being saved, while others, mainly individual families, were not deemed worthy. and that is not how a free market operates. i will not throw out a term here like fascism, or third way economics, mainly because there isn't strong consensus about what that means, so a label will distract from the actual definition. the point is, the free market did not speak. the free market did not decide. the free market was circumvented because the powers that be decided that it should be so. were they right? were they wrong? history will have it's opinion. and i'm not issuing judgement here. i'm just stating, what went down, was not free market economics. not by a long shot. nor was it capitalism.
micheal moore, you are a filmmaker, not an economist. in the words of the Rock, know your role...actually, it's more important that we, those on the hook for the debts of we the people, inc. know his role and look at him as an entertainer, not an educator. a movie based on true economic theory would have been boring. and wouldn't have made him a millionaire once again. micheal moore operates in a free market. in a capitalist enterprise where the owners get to enjoy the profits of their labors. one in which we, the market, get to decide whether or not we support his product. where there are no subsidies granting it to those that cannot afford it on their own. his is an enterprise where a business failure is just that. nothing political. no spin saying the world as we know it will come to an end, should micheal moore inc, not be able to pay it's bills. his is a free market enterprise. albeit one with a steep barrier to entry. those that he criticizes are not. he's a man that knows how to fill the seats. hollywood at its capitalist finest.
and it seems to work out quite smashingly for him. he can bite the hand that feeds him and still get fed. because people like his product. and people hate his product, yet still willingly pay to see it, so that they can trash it later. viva free fucking markets.
on another day, maybe i'll make his actual argument for him and discuss the balance between for profit, not for profit, and gov' run. but that won't be short.
compared to a 1000 page book on economic theory, this was.
posted by techdiva at
4:30 PM
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