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On Market Salvation - The Wordsmith's Forge — LiveJournal
The Writing & Other Projects of Elizabeth Barrette
ysabetwordsmith
ysabetwordsmith
On Market Salvation
This popped up in Facebook feed today, courtesy of Adam-Troy Castro.

Kudos to Mitchell Bard, who wrote, (I paraphrase), "Reagan was wrong. The nine most terrifying words in the english language are, 'I'm a libertarian and the market will save you.'"

It is especially true given the propensity of Libertarians and Republicans to remove what few checks and balances the free market has.

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Comments
msstacy13 From: msstacy13 Date: June 29th, 2010 05:19 pm (UTC) (Link)
They believe the market works more efficently without those restraints,
but it does so in the way a furnace would work more efficiently
without that thermostat stopping it just when it's finally gotten really hot.
ysabetwordsmith From: ysabetwordsmith Date: June 29th, 2010 07:34 pm (UTC) (Link)

Yes...

Precisely.
raindrops From: raindrops Date: June 29th, 2010 06:32 pm (UTC) (Link)
And on top of that, what they call the free market is nothing that Adam Smith would recognize. Casino Capitalism and corporate welfare are not what he had in mind.
ysabetwordsmith From: ysabetwordsmith Date: June 29th, 2010 07:12 pm (UTC) (Link)

Yes...

Those are good points.
akaihyo From: akaihyo Date: June 30th, 2010 12:21 am (UTC) (Link)
And the current system is certainly not what a Libertarian would wish for. (Republicans can get their own defender.)

The free market, restrained by laws and reputation, is much better than the current system where the politically connected bend the laws to their benefits and the detriment of the people (and their rivals).
ysabetwordsmith From: ysabetwordsmith Date: June 30th, 2010 01:45 am (UTC) (Link)

Okay...

>>The free market, restrained by laws and reputation, is much better than the current system where the politically connected bend the laws to their benefits and the detriment of the people (and their rivals).<<

This is true.

I actually score fairly high on libertarian ideals. I think the government should be a last resort, as I don't trust it. But it is on my list of options, and I believe that it's the government's job to make sure all the important stuff actually gets done. I would greatly prefer that somebody other than the government do everything except the really huge things that ONLY the government can do. But if they refuse, then the government is responsible to come along behind and take care of what's left to be done.
raindrops From: raindrops Date: June 29th, 2010 06:35 pm (UTC) (Link)
FY 2010 estimated tax revenues:

Individual income: $1.06 Trillion
Corporate income: $222 Billion

Derivatives trading: $600 TRILLION

And yet the mystery of why we have a deficit remains unsolved.
ysabetwordsmith From: ysabetwordsmith Date: June 29th, 2010 07:46 pm (UTC) (Link)

Well...

Some of it goes to the wrong places; frex, huge amounts get sucked into the military budget, which is also not very efficient.

Some of it gets spilled through endless layers of middlemen.

Some of it gets sucked into private pockets or corporate holdings that are basically private pockets, where it gratifies individuals rather than helping to keep the economy going.

Some of it is basically vaporware -- wealth that are created out of thin air by interest or other financial hijinks rather than being based on actual goods or services.

And the counterpoint to the wealth is the lack of wealth: whenever people don't have enough money to cover their basic needs, the economy drags. When there are many people in that situation, the gravity and drag can outweigh the lift and thrust, causing recession or depression. Right now, most jobs don't pay enough to live on and many crucial needs such as housing and health care are unaffordable to so many people that it's causing the system to break down. The government hoists up the most recently crashed section and something else breaks because there is just not enough under there to hold it up anymore.
wordweaverlynn From: wordweaverlynn Date: June 30th, 2010 04:29 am (UTC) (Link)
Indeed. As the current depression shows.
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