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Author: EdEd Date: Sep 6, 2008 15:50
Some years ago William F. Buckley remarked that capitalism in America
privatized profits and socialized losses. At the time he was
referring to the government bail out of Chrysler Corp. but the remark
remains relevant.
The new bail-out of Freddie Mac and Fannie Mae is exactly that,
profits were generous and welcome by investors in those firms during
the housing bubble and now that the profits are turning to losses, why
the government must make up the difference with money taken from
taxpayers.
Whatever happened to our belief in the market? The idea was some
investors made money, some lost, that was the nature of Capitalism.
It seems we need a new philosophy to describe the basic nature of the
economic system in America. Phrases like Market Economy and private
enterprise don't seem to describe what is actually taking place.
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Author: PubliusPublius Date: Sep 6, 2008 17:54
> Some years ago William F. Buckley remarked that capitalism in America
> privatized profits and socialized losses. At the time he was
> referring to the government bail out of Chrysler Corp. but the...
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Author: Daniel T.Daniel T. Date: Sep 6, 2008 18:02
> Some years ago William F. Buckley remarked that capitalism in America
> privatized profits and socialized losses. At the time he was
> referring to the government bail out of Chrysler Corp. but the...
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Author: EdEd Date: Sep 6, 2008 19:26
Daniel T. wrote:
> Ed earthlink.net> wrote:
>>> Some years ago William F. Buckley remarked that capitalism in America
>> privatized profits and socialized losses. At the time he was
>> referring to the government bail out of Chrysler Corp. but the remark
>> remains relevant.
>>
>> The new bail-out of Freddie Mac and Fannie Mae is exactly that,
>> profits were generous and welcome by investors in those firms during
>> the housing bubble and now that the profits are turning to losses, why
>> the government must make up the difference with money taken from
>> taxpayers.
>>
>> Whatever happened to our belief in the market? The idea was some
>> investors made money, some lost, that was the nature of Capitalism.
>> It seems we need a new philosophy to describe the basic nature of the
>> economic system in America. Phrases like Market Economy and private
>> enterprise don't seem to describe what is actually taking place.
> ...
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Author: ImmortalistImmortalist Date: Sep 6, 2008 23:33
On Sep 6, 7:26 pm, Ed earthlink.net> wrote:> Daniel T. wrote:
>> Ed earthlink.net> wrote:>
>>> Some years ago William F. Buckley remarked that capitalism in America
>>> privatized profits and socialized losses. At the time he was
>>> referring to the government bail out of Chrysler Corp. but the remark
>>> remains relevant.
>
>>> The new bail-out of Freddie Mac and Fannie Mae is exactly that,
>>> profits were generous and welcome by investors in those firms during
>>> the housing bubble and now that the profits are turning to losses, why
>>> the government must make up the difference with money taken from
>>> taxpayers.
>
>>> Whatever happened to our belief in the market? The idea was some
>>> investors made money, some lost, that was the nature of Capitalism.
>>> It seems we need a new philosophy to describe the basic nature of the
>>> economic system in America. Phrases like Market Economy and private
>>> enterprise don't seem to describe what is actually taking place. ...
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Author: Fred WeissFred Weiss Date: Sep 7, 2008 01:02
On Sep 6, 6:50Â pm, Ed earthlink.net> wrote:
> Whatever happened to our belief in the market?
Huh? "We" haven't believed in the market for a very, very long time.
The Sherman Anti-Trust Act was passed in 1890. It's been downhill from
there.
(The basic problem all along has been the defenders of capitalism
could never reconcile it with the prevailing religious/ethical beliefs
in self-sacrifice, the evil of money, etc. However since Ayn Rand (and
others) combined with the evident and utter failure of socialism,
along with capitalism's clear new success in China, Eastern Europe,
Ireland, and elsewhere, the argument for free markets has taken on new
vigor. There however is still a long battle ahead, ending gov't bail-
outs being just one example.)
Fred Weiss
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Author: chazwinchazwin Date: Sep 7, 2008 02:30
On Sep 6, 11:50Â pm, Ed earthlink.net> wrote:> Some years ago William F. Buckley remarked that capitalism in America
> privatized profits and socialized losses. Â At the time he was
> referring to the government bail out of Chrysler Corp. but the remark
> remains relevant.
>
> The new bail-out of Freddie Mac and Fannie Mae is exactly that,
> profits were generous and welcome by investors in those firms during
> the housing bubble and now that the profits are turning to losses, why
> the government must make up the difference with money taken from
> taxpayers.
>
> Whatever happened to our belief in the market? Â
No one ever believed in the market.
The USA is the chief culprit in protectionism, import tariffs, and
internal market subsidies. People join the political process to
protect their own market interests.
Get a Life!
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Author: ZerkonXZerkonX Date: Sep 7, 2008 07:21
On Sat, 06 Sep 2008 15:50:56 -0700, Ed wrote:
> The idea was some
> investors made money, some lost, that was the nature of Capitalism.
The idea above the idea of a 'free' economic system is that a failed
system should be free enough to fail.
Today's capitalism/corporatism claims the marketplace as it's nature, a
physical place where goods and services are exchanged and things thrive
and fail depending on 'market forces'. Capitalism's great lie is that it
sees itself AS this marketplace instead of being a part OF it.
Capitalism is a form following the market function. It is not the
function itself. There can be many forms that can and do fit the
function.
What specific form is better can be debated all day and everyday, however
what really can not be debated any longer is that this system of 'private
profit, public debt' is a failed economic form.
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Author: ZerkonXZerkonX Date: Sep 7, 2008 07:41
On Sat, 06 Sep 2008 15:50:56 -0700, Ed wrote:
> Some years ago William F. Buckley remarked that capitalism in America
....
One more aspect to this...
American Capitalism is no longer 'American'. America, the country, is
more a asset district or economic bloc inside a International Corporate
System which is not located in any one country but has district offices
world wide since one of it's concerns is Governing Governments.
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Author: EdEd Date: Sep 7, 2008 08:38
Immortalist wrote:
> On Sep 6, 7:26 pm, Ed earthlink.net> wrote:>> Daniel T. wrote:
>>> Ed earthlink.net> wrote:>>
>>>> Some years ago William F. Buckley remarked that capitalism in America
>>>> privatized profits and socialized losses. At the time he was
>>>> referring to the government bail out of Chrysler Corp. but the remark
>>>> remains relevant.
>>
>>>> The new bail-out of Freddie Mac and Fannie Mae is exactly that,
>>>> profits were generous and welcome by investors in those firms during
>>>> the housing bubble and now that the profits are turning to losses, why
>>>> the government must make up the difference with money taken from
>>>> taxpayers.
>>
>>>> Whatever happened to our belief in the market? The idea was some
>>>> investors made money, some lost, that was the nature of Capitalism.
>>>> It seems we need a new philosophy to describe the basic nature of the
>>>> economic system in America. Phrases like Market Economy and private ...
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