Fraud and Frauds
I am no economist, but I have said for a long time that what is needed is more regulation not less. It is abundantly clear now that the idea of “the invisible hand” is folly, and that laissez faire is a recipe for the very sort of financial catastrophe that is presently unfolding. The notion that the government should get out of the way, and only inhibits growth now stands naked. Had there been stricter rules and more stringent requirements for accountability, taxpayers would not now be faced with paying out $700 billion to greedy speculators who should have known better.
What I find disgusting is how the same individuals who have long advocated for “the market” and have claimed that the government is the problem, now seem more than willing to accept a bailout to cover their losses. I thought the market was self-correcting. I thought that the invisible hand ensured that everything would work out.
I am not anti-capitalist. I strongly support free enterprise and the right of people to engage in business for profit. What bothers me is the rank hypocrisy of those who proudly extol the market, pointing out how those with capital deserve the rewards because they assume the risk. The present disaster, and the upcoming bailout show these people to be frauds. They like to feel superior when they’re making money hand over fist, but when their holy system fails they do not want to be on the hook for the losses. They want to pass the loss on to the taxpayer. It’s sickening.
Filed under: Current Events, Rantings on September 24th, 2008 | No Comments »