Monday, November 17, 2008
Crazy Crap / Hannan / Media Peter Schiff: The Most Compelling 10-Minutes Fox News Has Ever Aired
Posted by Caleb Hannan on Mon, Nov 17, 2008 at 5:48 AM
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I'll grant his predictions are compelling and on target, but the only solutions he offers is to let the "free" market work itself out without any regulations whatsoever. Deregulation has been the Republican gold standard. Couldn't this recession have at least been blunted in 2006 with some kind of thoughtful govt. limits placed on the loan industry? When left to themselves marketeers go on wild fits that are fairly easy to predict and by the time they move to the extreme they've cost a lot of people their livelihoods (so much for theories of rational behavior).
In a Nov. 7 essay on his website, Schiff wistfully wishes for the presidency of Ronald Reagan and says that Barack Obama will prolong and protract the recession, because government regulation is not the answer. It may not be the answer to the absolute creation of wealth, but shouldn't some wealth at the extremes of the market (like that of housing speculation) be shed in order to protect the welfare of larger numbers of citizens?
Economics may fit Schiff's ecological and biological analogies of natural growth and disease (but not always). However, even growth and disease are prompted and limited by "unnatural" methods (e.g., pruning, grafting and synthetic drugs).
What's fascinating about this is that the vociferous counter-point in the first clip is Reagan economic advisor Arthur Laffer, father of the so-called Laffer Curve in economics. He now runs a consultancy based in Nashville.
free market will enforce the whole idea of free marketing. because the awareness of probable gov bailout, industry took gov promises to task. the idea that an industry could be deemed too big to fail is and should be a falsehood. If an industry risks doing what it's guilty of at present, then they should fail or go out of business. the free market has a built-in concern of not wanting to jeopardize or harm their business gains. free market is about risk, but not bullheaded risk where one expects charities. if Burger Fails because the public has tired of their burger, there shouldn't be a prop for their burger business. they really should look into creating another hamburger or food item
clean up (Burger King)
free market has a built-in precautionary mechanism.
no one in their right mind wants their business to fail and there are a million entrepreneurs waiting in line to take up the slack of a failed business'place. why is there need of government when best interests and protection comes naturally for what is yours? the current commanders went kamikaze on their own because of government meddling. the government is giving non-cats, 9 lives
