And it’s a one-punch knockout. From Reason Online.
Watching Capitalism, you’d never know that the federal government colluded for decades with the financial, real estate, and construction industries to divert resources into housing in the name of promoting home ownership—even for people who couldn’t afford it. You’d never know that Fannie Mae and Freddie Mac were, and are, privileged government-sponsored enterprises that encouraged shaky loans.
At least Moore has an inkling of what’s wrong: cozy ties between Wall Street and government. Moore thinks the answer is better regulators or nationalization of banks. But his own evidence suggests that the real answer is a separation of state and economy—stripping away Wall Street’s privileges.
In other words: Limit government’s power. Let the free market work.
To admit the government’s role in Freddie and Fannie would be to admit defeat. Government intervention caused the crisis – not the other way around. Moore, Obama and the progressive set live in this fantasy world where government is this incorruptible institution until money men show up, Eve plucks the apple, and our utopia is lost forever – damn those capitalists.
The scum floats both ways. Microsoft had around two or three lobbyists in Washington during its ascent in the mid to late 90s. Then came the antitrust suits which targeted Microsoft, for all things, giving away a free internet browser. Judgment was swift and Bill Gates learned his lesson – now Microsoft has armed itself with an army of K-Street mafiosos wandering the streets of D.C. If the Friends of Angelo wasn’t open at one bank, Chris Dodd and company would have been sure to demand it somewhere else. This idea of the noble politico isn’t totally without exception, but for the most part it is a fantasy of Moore’s and his quasi-socialist ilk.
Here’s the problem with progressive logic. The bad guys on Wall Street usually – and eventually – lose. Madoff can’t hide forever – the market reveals all. The government has no market for self-correction. It is the market. The decades and decades of service we owe Kennedy, Dodd, Pelosi, Reid and the rest are testament to that.
Brilliant and well stated, JohnFN! You nailed the issue!
John: well done, as usual, and I agree with everything – except the implied defense of Microsoft. Don’t repeat that mistake, or you’re going to be in charge of washing Rufus’ socks again.
Good God, not the socks.
Not excusing Microsoft for everything. In ways it’s as bad an example of the corporatist-socialistic merger as anything, but the stuff about the lobbying is correct. We’re living a moment where anyone attempting to live by self-determination is being flogged and beaten – most of it led by a corrupt political and media class.
You are in no danger of becoming the head hosiery scrubber, JohnFN. Microsoft is not the devil they’ve been made out to be. The true fact is Apple folks are the mind-numb zombies. Both companies and their products have their pros and cons, but Apple made a bunch of money from selling the false image of Microsoft as Big Brother. It’s ironic that of the two companies Microsoft has always been far more open with their platforms. Apple won the image war but not much else.