GREED IS GOOD -- to a point

Discussion in 'Economy' started by MaggieMae, Jul 13, 2009.

  1. MaggieMae
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    MaggieMae Reality bits

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    A long, but well worth the read, analysis of why capitalism as we once knew it, a' la Ayn Rand, will change dramatically.

    The Capitalist Manifesto: Greed Is Good | Print Article | Newsweek.com

    Excerpt:
    No economic system ever remains unchanged, of course, and certainly not after a deep financial collapse and a broad global recession. But over the past few months, even though we've had an imperfect stimulus package, nationalized no banks and undergone no grand reinvention of capitalism, the sense of panic seems to be easing. Perhaps this is a mirage—or perhaps the measures taken by states around the world, chiefly the U.S. government, have restored normalcy. Every expert has a critique of specific policies, but over time we might see that faced with the decision to underreact or overreact, most governments chose the latter. That choice might produce new problems in due course—a topic for another essay—but it appears to have averted a systemic breakdown.

    There is still a long road ahead. There will be many more bankruptcies. Banks will have to slowly earn their way out of their problems or die. Consumers will save more before they start spending again. Mountains of debt will have to be reduced. American capitalism is being rebalanced, reregulated and thus restored. In doing so it will have to face up to long-neglected problems, if this is to lead to a true recovery, not just a brief reprieve.

    Many experts are convinced that the situation cannot improve yet because their own sweeping solutions to the problem have not been implemented. Most of us want to see more punishment inflicted, particularly on America's bankers. Deep down we all have a Puritan belief that unless they suffer a good dose of pain, they will not truly repent. In fact, there has been much pain, especially in the financial industry, where tens of thousands of jobs, at all levels, have been lost. But fundamentally, markets are not about morality. They are large, complex systems, and if things get stable enough, they move on.
     
  2. 52ndStreet
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    52ndStreet VIP Member

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    Yes, and even now more so, than ever ,More Greed is even Better.
    Now is the Time to be greedy , stocks may never be this low again.
    More greed is good now, than at any other time in America's history.!!
     
  3. MaggieMae
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    MaggieMae Reality bits

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    ------>whoosh-------->
     
  4. Centrism'sVoice
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    Centrism'sVoice Seceded from USMB

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    Why stop there? Identity theft and drug trafficking are big business, too.
     
  5. MaggieMae
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    MaggieMae Reality bits

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    I'm surprised no one wants to weigh in on this article. It actually sings the praises of capitalism as a national economic aspiration, while also pointing out its flaws inevitable in what has become a global economy--one where the United States can no longer act independently.
     
  6. dilloduck
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    dilloduck Diamond Member

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    Isn't capitalism THE global economy ?
     
  7. Centrism'sVoice
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    I agree that the system has flaws, but the article didn't specify any. (shrug)
     

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