Damn the Markets; Centralize Control
If put to a popular vote, the vast majority of Americans would have opposed the recent market interventions by the federal government. In contrast, I was among those who reluctantly agreed that there are unique circumstances that required dramatic action, but I lamented that it was bad for our form of government and may have fundamentally changed the world that we live in.
What I lament, some are celebrating. Here is an example of how some pundits are celebrating that this intervention provides the opening for more serious consideration of interventions in additional sectors of the American economy.
What I lament, some are celebrating. Here is an example of how some pundits are celebrating that this intervention provides the opening for more serious consideration of interventions in additional sectors of the American economy.
posted by MCO at 12:01 PM
5 Comments:
If you find your own position to be disagreeable to your political and personal stances, perhaps it is time to ask the tough questions and be intellectually honest. If something is against your long held standards, there is a reason for such dissonance when you take the ground of thinking the opposing ground is a necessity. No matter the climate, it is never a necessity to pander to the irrisponsible. History will show the intervention was a turning point of considerable consequences we may never recover from.
In some instances, we don't have the liberty to choose between a good alternative and an abhorrent one. In this instance, we were left with a choice of the lesser of two evils. To have done nothing would have been reckless.
What is most unfortunate is that this collapse of the financial system is being blamed on the free market. While there is much blame to be spread around, it should be recognized that much of the problem arose from improper government interventions.
The belief that the alternative is "nothing" is apparently what our government has ascribed to as well. However, creating policies to allow the free market to work as it's supposed to, such as repealing the capital gains tax, will turn this crisis around.
You obviously agree that much of the problem arose from improper government intervention. Well, what do you think the bail out is?
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While repealing the tax on capital gains would certainly incentiveize investment in the long term, it would do nothing to create liquidity in the short term. The immediate lack of availability of capital was the driving concern that placed our financial system in danger of imminent collapse.
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