Capitalism is killing our morals, our future
- Thread starter signalmankenneth
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cawacko
Well-known member
Some people (even some smart people) actually believe this, Article: Capitalism is killing our morals, our future
This is one of the worst pieces written by Paul B. Farrell at Marketwatch.com, and he’s written some pretty bad pieces.
In the attached article Mr. Farrell examines the thinking of professor Michael Sandel at Harvard who laments that markets have run amuck. and that “everything is for sale.”
Professor Sandel (and Farrell) argues that the reason for our economic downturn was the inherent dysfunction of markets. That crass greed overcame our better collectivist inclinations which ended in a collapse.
This is pig farm runnoff. The reason 2008 happened was not because markets were unfettered. As an investment professional during the Crash I can tell you there was a ton of red tape wrapped around everything we did. Markets were and are highly regulated. Where do you think the Community Reinvestment Act came from which was a big piece of why housing crashed?
It was a regulation (sent from on high) which encouraged lenders to lend in areas which didn’t meet underwriting criteria. The market said “Don’t Invest Here!” But the politicians didn’t like what the market was telling them so they sought to override the market, with predictable results.
This is just one example. To call the economy in the United States a “free market” is an absolute joke. That Paul Farrell can wax on like it is either reflects a rather profound ignorance of the classical kind, or of the willfull kind. My bet is it’s the former.
Professor Sandel also is teaching his students at Harvard “by the thousands” that markets are somehow a bad thing. That accurate valuations of goods and services is bad. Indeed what he is saying is that he’d prefer areas of the human action not be open to analysis of value. “Everything is for sale” he says.
But that’s not true. Everything may have a value. But everything is not for sale. It is the people who understand this who I find to be the best adjusted on the planet.
What both Farrell and Sandel argue is that there are areas of human endeavor which should remain fuzzy and opaque and not subject to what they perceive as the harshness of the market. This strikes me as an oddly anti-intellectual position for Mr. Sandel particularly. He’s an educator. On a quest for truth! I thought.
This is not to say that I think everything in life should be thought of in terms of it’s economic value. That takes too much brain power and spending a life analyzing every move like that is pretty much a waste of time. Plus it’s no fun.
But to say that “capitalism” is somehow a bad thing, to say that the voluntary exchange of goods and services without outside coercion is bad and conversely that bending markets to the will of some faceless government entity is good, is flat out ridiculous.
Capitalism, the voluntary exchange of goods and services free from coercion, is not only the most efficient way to create wealth for all, it is also the most moral system for the economy. When individuals are free to exchange goods and services freely prices come down and better products and services emerge. It’s actually pretty amazing that it works this way. We should be thankful and where possible moving our economy closer to this ideal.
Yet some not only reject freedom in the economic sphere, they don’t understand (or accept) that the system we live under currently is a top down, crony capitalist, occasionally starkly socialist system. Show me 1 free market in a good or service which is legal. Nowadays one can’t sell lemonade without a permit, and the sugar one puts in it is subsidized by the taxpayer. The lemons probably are too.
So Mr. Farrell and Professor Sandel, if you guys don’t like how the current economy is acting, perhaps it’s time to reassess. Is it “capitalism” which is corrupting our society, or is it in fact the absence of capitalism?
Somehow I don’t think they’ll see the light.
http://www.againstcronycapitalism.o...-capitalism-is-killing-our-morals-our-future/
This is one of the worst pieces written by Paul B. Farrell at Marketwatch.com, and he’s written some pretty bad pieces.
In the attached article Mr. Farrell examines the thinking of professor Michael Sandel at Harvard who laments that markets have run amuck. and that “everything is for sale.”
Professor Sandel (and Farrell) argues that the reason for our economic downturn was the inherent dysfunction of markets. That crass greed overcame our better collectivist inclinations which ended in a collapse.
This is pig farm runnoff. The reason 2008 happened was not because markets were unfettered. As an investment professional during the Crash I can tell you there was a ton of red tape wrapped around everything we did. Markets were and are highly regulated. Where do you think the Community Reinvestment Act came from which was a big piece of why housing crashed?
It was a regulation (sent from on high) which encouraged lenders to lend in areas which didn’t meet underwriting criteria. The market said “Don’t Invest Here!” But the politicians didn’t like what the market was telling them so they sought to override the market, with predictable results.
This is just one example. To call the economy in the United States a “free market” is an absolute joke. That Paul Farrell can wax on like it is either reflects a rather profound ignorance of the classical kind, or of the willfull kind. My bet is it’s the former.
Professor Sandel also is teaching his students at Harvard “by the thousands” that markets are somehow a bad thing. That accurate valuations of goods and services is bad. Indeed what he is saying is that he’d prefer areas of the human action not be open to analysis of value. “Everything is for sale” he says.
But that’s not true. Everything may have a value. But everything is not for sale. It is the people who understand this who I find to be the best adjusted on the planet.
What both Farrell and Sandel argue is that there are areas of human endeavor which should remain fuzzy and opaque and not subject to what they perceive as the harshness of the market. This strikes me as an oddly anti-intellectual position for Mr. Sandel particularly. He’s an educator. On a quest for truth! I thought.
This is not to say that I think everything in life should be thought of in terms of it’s economic value. That takes too much brain power and spending a life analyzing every move like that is pretty much a waste of time. Plus it’s no fun.
But to say that “capitalism” is somehow a bad thing, to say that the voluntary exchange of goods and services without outside coercion is bad and conversely that bending markets to the will of some faceless government entity is good, is flat out ridiculous.
Capitalism, the voluntary exchange of goods and services free from coercion, is not only the most efficient way to create wealth for all, it is also the most moral system for the economy. When individuals are free to exchange goods and services freely prices come down and better products and services emerge. It’s actually pretty amazing that it works this way. We should be thankful and where possible moving our economy closer to this ideal.
Yet some not only reject freedom in the economic sphere, they don’t understand (or accept) that the system we live under currently is a top down, crony capitalist, occasionally starkly socialist system. Show me 1 free market in a good or service which is legal. Nowadays one can’t sell lemonade without a permit, and the sugar one puts in it is subsidized by the taxpayer. The lemons probably are too.
So Mr. Farrell and Professor Sandel, if you guys don’t like how the current economy is acting, perhaps it’s time to reassess. Is it “capitalism” which is corrupting our society, or is it in fact the absence of capitalism?
Somehow I don’t think they’ll see the light.
http://www.againstcronycapitalism.o...-capitalism-is-killing-our-morals-our-future/
canceled.2021.1
#AMERICAISDEAD
It has always amazed me how people can think such nonsense. Is Kenny willfully ignorant or just doesn't know any better? Is he clouded by ideology or is something else at play?
I have issued this challenge multiple times and nobody has ever been able to answer it
The simple exercise is this. Name five things in our lives that is not regulated by some federal, state or local agency.
While this has some merit he fails to mention that the expectation of bailouts minimizes the risk to the bigger banks and pressures smaller competitors to engage in the same risky behavior.
Baron Von Esslingen
Liberal Agitator
It isn't capitalism that is killing our morals. It is capitalism without rules that is doing it. The "market will correct itself" types. They have the powerful convinced that they are moral in their acquisition of money when all of human history shows us that this is NEVER the case. Throw in a political party that has bought into the Mega morals of the people but none for our corporate people and you have the America of today.
canceled.2021.1
#AMERICAISDEAD
Name a market where there aren't government rules of some sort. Ready? Go.
signalmankenneth
Verified User
Baron Von Esslingen
Liberal Agitator
Name a republican that wouldn't want to "deregulate" every market that there is.
Name a republican that hasn't advocated deregulation for every sort of industry and proposed "self-regulation" in it's place.
Name a market advocacy group that hasn't pushed congress to turn back rules, regulations, and the taxes that go with them so they could make more money.
Please. You barking up a tree with no squirrels in it.
What are you, an anarchist know? Of course there are regulations.
cawacko
Well-known member
So you really have no examples. Was Sarbenes-Oxley your idea of deregulation? Or the deregulation of multiple industries by Jimmy Carter. The deregulation of the financial industry by President Clinton. That's not rhetoric, that's real.
Certainly, there will be when the government is bailing them out.
canceled.2021.1
#AMERICAISDEAD
I humbly accept your concession
I am 100-0 with my question. Every lib always veers off the tracks and you are obviously no different. Thanks for playing.
canceled.2021.1
#AMERICAISDEAD
Take it up with your libtard brethren. They are the ones spouting off the nonsense about "unfettered" capitalism.
canceled.2021.1
#AMERICAISDEAD
His response is indicative of someone who knows she has been had. He probably tried and couldn't even name one.