Quote:
Originally Posted by MS Fowler
True, but until this administration, the profits that occurred, if and when they occurred, were not the stuff of stigma, and jealousy.
This administration wants the business owner to accept all that uncertainty with no prospect of a reward if it goes well.
I have difficulty defending the Wall Street arbitrage types because I see little real value in what they do. Maybe its just me and my uncomprehending mind, but I don't see how they contribute much to anything.
And remember, crony capitalism, and corporatism are not really capitalism.
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I think something somewhat similar happened during the S&L crisis in terms of the financial sector. Going farther back, attempts at trust busting around the turn of the century were also similar, although we haven't had anything as far reaching recently. The modern versions are relatively nuanced due to different industries and easier situations to form cartels/externalize costs, but the basics are still the same.
I also agree with you 100% about crony capitalism/corporatism. Companies will attempt to avoid competition because that drives down prices and profits as well as externalize costs because that increases profits, and while companies in an abstract sense may adhere to market principles, they are still run by people who can be influenced to the usual suspects (greed, envy, and so on). Look at the whole AT&T/T-Mobile merger. Somehow reducing competition in a field is supposed to decrease long run prices for customers? Please...
