Posted by jemartynowski on August 5, 2009
Mark Dow, a hedge fund manager, was on video on Yahoo’s finance page here talking about how dumb people are who still believe in free market ideology. Dow is a pretty intelligent person. He understands how markets work and he probably does a pretty good job of determining values of assets. He most certainly knows a lot of facts about the market and the entire banking/housing problems the country has experienced. Despite all of this, he’s pretty stupid.
See, he believes that the free market is why everything failed. The free market is why the housing market collapsed and why the banks were doing really stupid things. He goes so far as to say people “don’t recognize the extent to which it failed.” It makes me sick that someone so intelligent can have such a weak grasp on reality.
Dow is basing his assumptions on the fact that banks became so crappy because government wasn’t forcing them to do certain things. This logic is flawed. The banks were doing and have been doing most of what they do because of political and legal pressure. Plus, if there weren’t government-created organizations promising to buy bad loans, they would have never been made in the first place.
I would argue that the opposite of what Mr. Dow says is true. Had the government been hands-off, we would have never seen the housing market’s incredible, ill-advised run up. That’s not even mentioning the fact that banks were sued and protested against for not giving loans to people buying houses in parts of the country which could best be described as sh*t. If you had to make those decisions, would you loan money to someone buying a house in the crappiest neighborhood at a price you thought was way too high? No, you wouldn’t. Well, if you were a bank, you’d get sued. Then, they’d protest your branches and call you racist. This is followed by the federal government telling you to make those loans and they will guarantee them with Freddie and Fannie.
Do you know what the result of that would be? Me too! Just what happened. So please, Mr. Dow, don’t try to sell me some liberal spending agenda. I understand that you want an excuse for the government to give money to people you think deserve it, but, as we’ve gone over many times on this site, that’s just not possible and it’s just not right.
Posted in Capitalism and Politics | Tagged: free market, Mark dow, tech tickers, yahoo finance | 9 Comments »
Posted by jemartynowski on June 15, 2009
Question: has there ever been a period in history like this one? I’m talking about the fact that many, if not most, of the people who are supposed to be experts on society and the political and economic systems of the time seem to have absolutely no concept of how these systems work. As pointed out by Capitalism Magazine, it seems journalists who write opinions on world politics and economics are even confused. How can it be, if you are formulating an opinion which you intend to share with thousands of others, that you can be so uneducated on the subject about which you are writing?
My original question is an honest one. If there is someone with a reply, feel free to share. No, I’m not assuming everyone in every age knew truthfully what was going on around them. However, those charged with teaching and philosophising historically seemed to have a pretty good idea. I guess, if we want to consider religious leaders who used unethical BS to convince others to fall in line as such, that could qualify. Just wondering.
Posted in Capitalism and Politics | Tagged: Capitalism, economics, history, Politics | 1 Comment »
Posted by jemartynowski on May 21, 2009
One of my favorite reads, IMAO, threw out this statement in a random thoughts post:
There is never going to be respect for the Muslim world when they’re the children we can’t upset and we’re the adults expected to know better. Why can’t Muslims in the Middle East ever be like, “Don’t worry, that’s just those silly Christians. They don’t know any better.”?
The reason I bring this up is that it completely encompasses the liberal thinking in our nation today. When someone treats a black man like crap for doing something stupid, he’s racist. Really, though, he’s just being treated like an individual who did something stupid. It’s like someone is saying, “hey, they’re black. They don’t know any better.”
It’s not just with black and white people. It’s everything else. “They’re treating Hillary like crap. It must be because they hate powerful women.” Or they just think she’s being an idiot. Isn’t treating someone with kid gloves and patronizing them basically saying they are not worth as much as a white male? It’s awful.
Perhaps worse than an annoying liberal saying these things is when someone does it to their own kind. Jesse Jackson leads the league in this. He acts as if black people need hand-holding, free handouts, and a leader. I would argue to Jesse that I, unlike him, think that black people are just as capable and just as smart as anyone else, so they shouldn’t get any special treatment. Who’s the racist person here?
All I’m saying is that in a free, capitalist society, there is no room for racism. It’s stupid and doesn’t make any sense. Differentiating between people based on the color of their skin would harm you or your business. If you passed up on the best workers because of something so trivial, you’d be out of business or have crappy relationships for the rest of your life.
Posted in Capitalism and Politics | Tagged: Capitalism, liberals, progressives, Racism | Leave a Comment »