Nice writing style. Looking forward to reading more from you.
Chris Moran
Dustin Moody
· 1 year ago
Nice post, and I agree with many of your assertions. But do you think--at least from a PR standpoint (which I know is aweful to introduce into this situation), that CEOs of companies that have been bought or bailed by the government should forefit some of their millions? I completely disagree with wanting to regulate private salaries, but once those companies are "saved" by the feds (which I'm also against on many levels), those CEOs should not be walking away with taxpayer-funded paychecks.
Wayne
· 1 year ago
Last week I was listening to Marketplace on NPR and they had an "expert" talking about the possibility of the $85 Billion the US was lending AIG at 11% interest could actually prove profitable.
Then Kai Ryssdal, the interviewer and host of the show asked, "If we stand a chance to make a profit, then why don't we do this more often?"
The expert demurred, "Well, Kai, that would be Socialism." I laughed out loud. Epic fail on Ryssdal's part.
Shane Vander Hart
· 1 year ago
@Dustin - yeah I do agree with that. If nothing else they need to be investigated as their may be criminal behavior involved not just ineptness.
@Wayne - assuming AIG will actually pay it back.
Kansas Bob
· 1 year ago
I am okay with no government bailouts and no regulation.. let it all go.. let the executives of failed and mismanaged companies cut and run with their gold as American workers watch their 401k and IRA accounts go down the toilet - it is after all the American way.. catering to the rich.. that is until these CEOs export all labor overseas.. maybe then we will see a need for regulation?
Wayne
· 1 year ago
On a note that is different than my more tongue-in-cheek comment above, we have to keep in mind that there really is no such thing as a "free market." Regulation of the market is always already present - even if it's a simple matter of informational asymmetries. The only options we have are market systems that exist on a continuum of greater or lesser regulation. The question before us is "How much regulation should there be?"
Now, I tend to be a minimalist (without being a Libertarian) regarding this question. But, I do think that we can learn something from Joseph's actions of having Pharaoh's empire acquiring the means of production in preparation for seven years of famine. Times of national crisis (such as war for example) create situations in which greater control and regulation may be the best option.
In other words, policies of minimal or maximal market regulation are not rooted in a timeless principle (true for all times and in all places), but rather are grounded in prudential decisions. That is to say, it's an issue of wisdom and not law.
So this brings us back to the question, "How much regulation should there be?" And to be honest, I don't have the foggiest idea. Properly answering this question is going to require true sons of Issachar (i.e., men who knew the times).
All Comments
Chris Moran
Then Kai Ryssdal, the interviewer and host of the show asked, "If we stand a chance to make a profit, then why don't we do this more often?"
The expert demurred, "Well, Kai, that would be Socialism." I laughed out loud. Epic fail on Ryssdal's part.
@Wayne - assuming AIG will actually pay it back.
Now, I tend to be a minimalist (without being a Libertarian) regarding this question. But, I do think that we can learn something from Joseph's actions of having Pharaoh's empire acquiring the means of production in preparation for seven years of famine. Times of national crisis (such as war for example) create situations in which greater control and regulation may be the best option.
In other words, policies of minimal or maximal market regulation are not rooted in a timeless principle (true for all times and in all places), but rather are grounded in prudential decisions. That is to say, it's an issue of wisdom and not law.
So this brings us back to the question, "How much regulation should there be?" And to be honest, I don't have the foggiest idea. Properly answering this question is going to require true sons of Issachar (i.e., men who knew the times).