Market Efficiency Hokum

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Tag(s): Capitalism; Government; Greed; Housing; Housing; Markets; Money
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August 24, 2007 at 05:44:56

Market Efficiency Hokum

by Stephen Lendman Page 5 of 5 page(s)

http://www.opednews.com

As the housing slump deepens and many tens of thousands of subprime and other mortgage holders default, vulture investors will profit hugely buying troubled assets at a fraction of their value as they always do in troubled economic times. Writer Danny Schechter calls the current subprime credit squeeze debacle a "sub-crime ponzi scheme (in a) highly rigged casino-like market system" targeting unsuspecting victims. Schechter wants a "jailout" for "criminal....financial institutions (posing) as respectable players." Krugman, on the other hand, wants a "workout" for the victims. Neither will get what he wants. In the end, as ordinary people lose out, big government will again rescue "corporate capitalism" (at least in the short-term) the way it always does when it gets in trouble. It's the "American way." It'll be no different this time.

Stephen Lendman lives in Chicago and can be reached in Chicago at lendmanstephen@sbcglobal.net.

Also visit his blog site at sjlendman.blogspot.com and listen to The Steve Lendman News and Information Hour on TheMicroEffect.com Saturdays at noon US central time.

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I am a 72 year old, retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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2 comments

Author, Exec. Dir. The Center For Balance. Websites: PanditPress.com, OligarchyUSA.com, PublicCentralBank.com, EditorFreedom.com,
FascismUSA.COM & more
Kent WeltonAuthor, Exec. Dir. The Center For Balance. Websites: PanditPress.com, OligarchyUSA.com, PublicCentralBank.com, EditorFreedom.com,
FascismUSA.COM & more

Corrupt "efficiency"

Great article, Stephen.

Libertarians like Friedman have to believe people are angels for their market hokum to work. We know that is not true and, more important, the lack of any "factor" balance (labor v. capital) in societal and economy corrupts both market theory and reality.

See more on factor balance at TheCenterForBalance.org

Kent Welton,

OligarchyUSA.com

PublicCentralBank.com

& more

by Kent Welton (49 articles, 0 quicklinks, 0 diaries, 37 comments) on Friday, August 24, 2007 at 1:25:22 PM

I am a 46 years old,married and have a 16 year old daughter.My hobbies are bicyling, weight training and off road motorcycling.I have lived in a midwestern red state my entire 46 years.Now that I have reached middle age I have become interested in politics and its related fields of study.I dont often think of things being either liberal or conservative,I like to veiw political events in an objective manner and find the agenda or reason that a bill or policy is brought to bear.Simply put seeking ...

to see more of bio, click on member name
Gary DensonI am a 46 years old,married and have a 16 year old daughter.My hobbies are bicyling, weight training and off road motorcycling.I have lived in a midwestern red state my entire 46 years.Now that I have reached middle age I have become interested in politics and its related fields of study.I dont often think of things being either liberal or conservative,I like to veiw political events in an objective manner and find the agenda or reason that a bill or policy is brought to bear.Simply put seeking ...

to see more of bio, click on member name

free markets

Good article Stephen,

Its great to see people contradict Friedman's free market ideology. This free market crap is just propaganda spit out by corporate interests to use as an excuse when the implement business practices that are unethical and heartless. Outsourcing and the elimination of labor and environment standards has been passed off as well Adam Smith says if you don't let business run wild the economy will just collapse.

Whats really sad is these outsourcing free trade preaching corporations often recieve huge sums in government subsidies. Basically they want free trade and government to stay out of the way, unless they need some of uncle sams tax money.

A good example of how American corporations are ran today is perfectly demonstrated by the current Bush administration. The Bush administration is completely controlled by corporate interests and believes in Friedman's theories. What you will find is gross incompetence, favoritism, dishonesty, complete lack of ethics, short sightedness, unrelenting greed, no conscious. and placing profit over national interests.

If libertarians got their wish in a few short years our economy would be devasted as large corporations would leverage their power and take control of market segments, destroy competition and price gouge. Kind of like the oil companies only much worse.

by Gary Denson (2 articles, 0 quicklinks, 1 diaries, 197 comments) on Friday, August 24, 2007 at 4:35:39 PM