Comments on: The Anti-Capitalist Press http://www.newclarion.com/2010/01/the-anti-capitalist-press/ Our mission is to combat the unreason and selflessness that are sweeping our culture from the nihilist left to the religious right, and to sound a new ideal of capitalism and individual rights in American politics. Mon, 06 Feb 2012 03:04:42 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Embedded I http://www.newclarion.com/2010/01/the-anti-capitalist-press/#comment-7295 Embedded I Fri, 15 Jan 2010 03:12:21 +0000 http://www.newclarion.com/?p=1917#comment-7295 IRT Michael Labeit: "For instance, I’m easily willing to wager that the bulk of U.S. banks would prefer to maintain a “lender of last resort,” i.e., the Federal Reserve, so that they may be enabled to engage in reckless, fractional-reserve based lending and be bailed out by a Greenspan or a Bernanke with tax dollars." Well of course. In the absence of Objectivism, it makes perfect sense. Follow the rules the government sets, and if anything goes wrong they will cover it. Whilst the entire mortgage crash is horrific, look at the people involved, on both sides. They are not Objectivists. Predictably, only half a handful of banks stuck to rational mortgage lending (BB&T, under John Allison being one of them). It is no surprise that most banks & lenders fell victim to the cultural and statist milieu surrounding them. As Rand said, "It is Sooner Than You Think". That does not mean the hurdle is insurmountable, but jump too soon and you will stumble into the hurdle, and fall, rather than clear it. IRT Michael Labeit:

“For instance, I’m easily willing to wager that the bulk of U.S. banks would prefer to maintain a “lender of last resort,” i.e., the Federal Reserve, so that they may be enabled to engage in reckless, fractional-reserve based lending and be bailed out by a Greenspan or a Bernanke with tax dollars.”

Well of course. In the absence of Objectivism, it makes perfect sense. Follow the rules the government sets, and if anything goes wrong they will cover it.

Whilst the entire mortgage crash is horrific, look at the people involved, on both sides. They are not Objectivists. Predictably, only half a handful of banks stuck to rational mortgage lending (BB&T, under John Allison being one of them).

It is no surprise that most banks & lenders fell victim to the cultural and statist milieu surrounding them.

As Rand said, “It is Sooner Than You Think”. That does not mean the hurdle is insurmountable, but jump too soon and you will stumble into the hurdle, and fall, rather than clear it.

]]> By: Michael Labeit http://www.newclarion.com/2010/01/the-anti-capitalist-press/#comment-7286 Michael Labeit Thu, 14 Jan 2010 05:35:51 +0000 http://www.newclarion.com/?p=1917#comment-7286 The grilling of the bankers by Congress may very well be political masquerading. The government wants to give the American people the deliberate impression that they are taking the bankers to task over the economic contraction and their acceptance of corporate welfare. It seems however that the government intervention of today occurs with much more collaborative sympathy from the financial industry than it does with disdain. For instance, I'm easily willing to wager that the bulk of U.S. banks would prefer to maintain a "lender of last resort," i.e., the Federal Reserve, so that they may be enabled to engage in reckless, fractional-reserve based lending and be bailed out by a Greenspan or a Bernanke with tax dollars. In too many cases, the bankers and the bureaucrats are on the same side. I think our immediate fate is much more fascist or corporatist than socialist in the traditional sense. Its not as if the business community as a whole is up in arms over the federal government's expansion. Hardly. Some oppose it, others champion it. I think the image of the businessman vs. the politician is a bit of an anachronism. Nowadays, both tend to be opposed to capitalism. The grilling of the bankers by Congress may very well be political masquerading. The government wants to give the American people the deliberate impression that they are taking the bankers to task over the economic contraction and their acceptance of corporate welfare. It seems however that the government intervention of today occurs with much more collaborative sympathy from the financial industry than it does with disdain. For instance, I’m easily willing to wager that the bulk of U.S. banks would prefer to maintain a “lender of last resort,” i.e., the Federal Reserve, so that they may be enabled to engage in reckless, fractional-reserve based lending and be bailed out by a Greenspan or a Bernanke with tax dollars. In too many cases, the bankers and the bureaucrats are on the same side. I think our immediate fate is much more fascist or corporatist than socialist in the traditional sense. Its not as if the business community as a whole is up in arms over the federal government’s expansion. Hardly. Some oppose it, others champion it. I think the image of the businessman vs. the politician is a bit of an anachronism. Nowadays, both tend to be opposed to capitalism.

]]> By: Bill Brown http://www.newclarion.com/2010/01/the-anti-capitalist-press/#comment-7281 Bill Brown Thu, 14 Jan 2010 01:50:54 +0000 http://www.newclarion.com/?p=1917#comment-7281 The bankers are the only ones that are left to defend the bonuses. You can't count on <a href="http://thinkprogress.org/2010/01/12/giuliani-bonuses-wonderful/" title="Really, Rudy? Bonuses are good because they kept a bloated city budget afloat?! Come on." rel="nofollow">these yokels</a> to do even a barely-passable job. The bankers are the only ones that are left to defend the bonuses. You can’t count on these yokels to do even a barely-passable job.

]]> By: Beth Haynes http://www.newclarion.com/2010/01/the-anti-capitalist-press/#comment-7279 Beth Haynes Thu, 14 Jan 2010 00:41:39 +0000 http://www.newclarion.com/?p=1917#comment-7279 There was similar coverage on NPR's All Things Considered----all things except that the government might be the biggest cause of the financial crisis. It's like having the Mafia form a commission to to look into the causes of crime. There was similar coverage on NPR’s All Things Considered—-all things except that the government might be the biggest cause of the financial crisis. It’s like having the Mafia form a commission to to look into the causes of crime.

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