vee's Comments

"Democracy is the theory that the common people know what they want and deserve to get it good and hard" - H. L. Mencken

Yay democracy?
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The Necronomicon. An army of the dead I think we could deal with, but I don't know that we will be able to handle the terror either of the two clowns this two party system will choose between.
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Terrible. This article repeats whitewash that has been debunked over and over. For real info on these crises:

Panic of 1907:

70s Oil Crisis:

Crash of '29 and the Great Depression: (PDF natch)

Crash of '87:
"Two economists from the Securities and Exchange Commission, Mark Mitchell and Jeffry Netter, published a study in 1989 concluding that the anti-takeover legislation did trigger the crash. They note that as the legislation began to move through Congress, the market reacted almost instantaneously to news of its progress. Between Tuesday, October 13, when the legislation was first introduced, and Friday, October 16, when the market closed for the weekend, stock prices fell more than 10 percent -- the largest 3-day drop in almost 50 years. In addition, those stocks that led the market downward were precisely those most affected by the legislation. [Ultimately, the legislation was stripped of the provisions that concerned the stock market before being enacted into law.]4"

Savings & Loan:

Long Term Capital Bailout:

Dotcom Bubble:

Electricity Crises:

Subprime Mortgage Crises:
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How is it the free market's fault when you have:

1) Government monopoly on the printing of unbacked money with an unlimited, unchecked power of money printing via the Federal Reserve.

2) An entire unelected regulatory body that regulates the stock market (SEC).

3) Government price fixing of the interest rates via the Federal Reserve (it fixes them lower than it would be in the absence of this power, which has led to loans being made that otherwise wouldn't have been made)

4) Sarbanes-Oxley. 'nuff said.

5) The unelected Federal Trade Commission

6) Government Sponsored Enterprises like Fannie Mae and Freddie Mac

7) The FDIC which takes responsibility off of banks to reimburse their depositers.

8) A court system that interferes heavily in the market (usually at the behest of the defendant's competitor), has the say so on who is a monopoly and who isn't, who is behaving "anticompetitively", who is "price gouging", who is violating "intellectual property" (these perverse IP rulings end up telling people what they can and can not do with their own actual real property), and who is discriminating against their workers.

9) A national congress along with a whole host of legislatures and city councils daily changing the rules that market participants have to take into account. They are constantly banning, limiting, zoning, gauging, price fixing, metering, monitoring, taxing, expropriating, protecting (the bad kind of protection: mercantilism), punishing, fining, suing, harassing, arresting, and impounding the goods and servicing passing from American to American or from American to foreigner and vice versa.

10) Tariffs and subsidies protecting many sectors of market from competitive forces (Medicine, Education, Transportation, Insurance, Defense, Justice, Banking, Farming and more).

So this is the untrammeled free market at work, huh? This is laissez-faire?

It seems to me that the facts argue otherwise.

Freedom works. It's time the USA started believing again. Trusting the government to change your diapers hasn't worked out too well.
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I think the point with the collider and all these massive public work projects is that no one knows what the money spent on these things would have done if left in the hands of taxpayers. Taxes taken from the people come at the cost of forgone opportunities. To say that politicians or scientists or whoever knows for sure that this burden upon the economy will blossom in the future is to deify mortals who have no such perfect knowledge. If they did, then they could gamble in the market and earn the money it would take to fund these projects.

Henry Hazlitt's "Economics in One Lesson" is invaluable reading by the way.
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Some gov'ts have done this in a "revaluation". They print new bills and say a million of the old currency equals some number of the new.

However, if you don't confront the root causes of the inflation (see Sid and Tom's posts), then all this does is to keep people from having to mess with taking a cart full of cash to the grocery store.
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  • Member Since 2012/08/04



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