Wednesday, June 22, 2011

And Furthermore... :)

It's not just the big boys that are publically humiliated. To me it's the entire structure of Ayn Rand's "full, pure, unregulated laissez-faire" capitalism. Rand in her libertarian zeal was such an inspiration  to Alan Greenspan that he believed he should not only believe this way but "advance free-market capitalism from the inside, rather than as a critical pamphleteer." He took the job full well knowing that laws and regulations would be part of his mission but not believing in them he took the opportunity to avoid them if possible.

The reality is so obviously plain. Ayn Rand's ideas have been tried at the highest level. In the absence of careful government regulation and oversight, the free market leads to fraudsters as large as Goldman Sachs or JP Morgan Chase. It simply takes the money out of the hands of the middle and lower classes and concentrates that money in the hands of the rich few who then use that money to exert pressure on any government that is critical of their methods. This is accomplished by direct giving of part of their largess to politicians, buying ownership of the media, and generally funding those who present arguments that confuse the issue. The result of "pure" capitalism, as anyone can see, is a very wealthy 1% or so, and the rest of the population who scrounge for jobs.