Tag Free market economics

Inside the Collapse

Last year I remarked on the subprime mort­gage induced fin­an­cial collapse:

To blame indi­vidu­als act­ing within the rationale of a sys­tem for pro­du­cing unwel­come out­comes is to deny the fun­da­mental flaws of the system.

Michael Lewis, author of The Big Short, being inter­viewed by 60 Minutes on the collapse:

The incent­ives for people on Wall Street got so screwed up that the people who worked there became blinded to their own longterm interests because their short-term interests were so overpowering.

Sounds like the defin­i­tion of cap­it­al­ism to me.

Bankers being scapegoated

Bankers are pre­dict­ably being scape­goated.

To blame indi­vidu­als act­ing within the rationale of a sys­tem for pro­du­cing unwel­come out­comes is to deny the fun­da­mental flaws of the system.

If you want an eco­nomy dom­in­ated by injustice and greed then keep put­ting your trust in the ideo­logy of the free mar­ket eco­nomy and those who pro­mul­gate it.

If you want an eco­nomy that pro­pels us all for­ward together, then look else­where.