The evils of unregulated capitalism

[Valin]

Common Dreams:

Remedy for the US economy: end the wars, rein in military and drug costs, and raise taxes - at least on the very rich.
*Joseph E. Stiglitz
7/10/11


Just a few years ago, a powerful ideology - the belief in free and unfettered markets - brought the world to the brink of ruin. Even in its hey-day, from the early 1980s until 2007, US-style deregulated capitalism brought greater material well-being only to the very richest in the richest country of the world.

Indeed, over the course of this ideology's 30-year ascendance, most Americans saw their incomes decline or stagnate year after year.

Moreover, output growth in the United States was not economically sustainable. With so much of US national income going to so few, growth could continue only through consumption financed by a mounting pile of debt.

I was among those who hoped that, somehow, the financial crisis would teach Americans (and others) a lesson about the need for greater equality, stronger regulation, and a better balance between the market and government.

Alas, that has not been the case.
(Snip)


* Wikipedia: Joseph Stiglitz

"There are some ideas so absurd that only an intellectual could believe them."
George Orwell

[pollyannaish]

Wow.

 

Whenever I read this kind of thing...or hear it from someone else...I just walk away. Sometimes, you just have to accept that you are living in a completely different universe than the person you're having a conversation with.

[Valin]

Wow.

 

Whenever I read this kind of thing...or hear it from someone else...I just walk away. Sometimes, you just have to accept that you are living in a completely different universe than the person you're having a conversation with.

 

Dear Dr. Stiglitz

 

Unregulated capitalism?

 

May I suggest you read some (expletive) history!