Deregulation and laissez-faire capitalism are to real world economics and society what Rush Limbaugh and Sean Hannity are to rational political and social commentary- failures!
The "free market" (a key component of the crack pot political theory called Libertarianism) is a ridiculous theory which postulates that once a human being engages in business or a sales transaction- they no longer require laws to control their behavior.
I know, stupid as hell isn't it?
What would lead a rational human being to believe such horrendously stupid shit?
Well, it's viral among those who's insight and wisdom see Rush Limbaugh and Sean Hannity as very good examples of intelligent political and social commentary- you see where I'm goin' here?
Basically it requires the abandonment of any semblance of common sense, real world experience in business and life you have. You have to be willing to suspend reality and create a fantasy world where the degrees of wealth and power one achieves are directly proportional to their saintliness and moral purity, where the temptation to lie, cheat and steal are crushed by the magic mojo of the free market system. Makes sense right?
Ahhh, if you said no you probably also think Rush and Sean are blubbering, overgrown ever-pubescent punks that were picked on as children and wouldn't know bullshit if it wore a pointy white hood and lit a cross on fire.
Your insight into humanity is preventing you from making the leap to laissez-faire capitalism and by extension the fruitcake politics of Libertarianism.
It's not entirely a partisan problem though, the Democrats have a history of dabbling in this insanity along with wingnuts but with less effect.Ronald Reagan pioneered this idiotic theory in the 80's, helping to plunge our nation into debt. He also believed an equally moronic theory that all of our nation's economic ills were the result of millionaires not having enough money.
More recently, the co-chairman of John McCain's presidential campaign, former Republican Sen. Phil Gramm of Texas, led the charge in 1999 to repeal Depression-era banking regulation and scolded Americans like you and me for being "a nation of whiners" during the largest economic collapse since the great depression.
Just another indication of the detachment from reality of free market assholes.
It turns out that we the "whiners" are footing the bill for multi-million dollar bonuses, yacht parties and the multi-trillion dollar "reward for failure" that our government is handing out to these irresponsible, gamblers and losers.
The rotten core of this current crisis is not rooted solely in Barney Frank, ACORN and Bill Clinton, though they are likely part of the problem.
The real rot comes from flooding the market with the unregulated use of derivatives- a fancy name for bundles of financial shit put together by amoral scum bag mortgage lenders and brokerage houses and doused in cheap perfume by rating companies in bed with those same mortgage scumbags.
This catastrophic mess is the result of collusion, deception and fraud that wasn't initiated by families trying to buy more house than they could afford or community organizers helping the poor and marginalized secure home loans from Banks and Thrifts.
It was the result of greed and unregulated behavior by these white collar assholes in mortgage houses and the financial industry.
The market needs rules and regulations like any well run company or society.
Personally, I believe the opposite of the free market voo-doo.
I believe the incentive and ability to commit fraud is directly proportional to the net worth of the industry or individual involved.
Some famous guy once said "unto whomsoever much is given, of him much shall be required." Luke 12:48. On that I agree.
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