One of the mantras of the right and the Neo Cons is that the market is self-correcting.  If within self-correcting you include the possible total meltdown of the banking system then perhaps they are right.  For a substantially Neo Con government in the USA to buy up with public funds all the toxic waste of the American banks and mortgage lenders suggests to me that either they don’t really believe their own mantra or they are now proposing exceptions to the rule.  Either way the age of rampant capitalism unfettered by regulations appears to be over if not permanently at least for a long while to come.

As this is the third or fourth time in the last few decades there has had to be a rescue of the banking system by the taxpayer of various countries, the claim that laissez faire
economics is always good for all the population might also be a bit suspect.  A better description might be that it benefits the rich at the expense of the man or woman in the street.


Posted by email from robthill’s posterous

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About robthill

I am semi-retired ICT Staff Tutor in Dundee, Scotland and an online facilitator. The views here expressed are my own somewhat quirky feelings about the world as I see it, no doubt just as prejudiced as most other bloggers.

3 thoughts on “Capitalism

  1. It’s just so ironic, Bob, to see the US Government indulge in large-scale nationalization of the finance sector. Haven’t heard anyone there use the phrase ‘commanding heights of the economy’ yet, though…..

  2. Anything can gain credence if repeated often enough and I feel that is what has happened with the idea of a free market economy. In point of fact it needs major injections of taxpayer’s money every decade or so.

    I guess that by now the American taxpayer owns most of the debt of the financial sector…ironic is a good word.

  3. Or ,just possibly, Bob your politics is getting in the way. Nothing much works very well under the philosophy of the liberal establishment that is to encourage everyone to do what ever they feel like. The debt society is not a market issue, it is a social one.

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