Think Freely Media presents Common Sense with Paul Jacob

You’ve heard the calumny: The current economic debacle is the result of free markets.

This charge — often made with lip-smacking glee — makes no sense.

I’ve discussed some specifics, before. Here are three more points:

1. We haven’t had a free market. We live in a heavily regulated, subsidized, coddled-and-attacked, over-taxed society. If the current debacle proves any system unfeasible, then the one proven wrong is the one we have. It’s the mixed economy that has proven to have worse than mixed results.

2. Many on the left as well as on the right like to pretend that Republican talk of free markets has been effective. Both sides lie. The alleged party of “small-government” and “free markets” pigged out at the government trough, increasing the size and scope of government. To not see growth of regulation and spending and government debt under Republican governance is to not see the corpulent elephant in the room.

3. Blaming free markets is especially galling to actual proponents of free markets for a historical reason, too: Our idea grew up in reaction not to socialism, but to a system of government interference much like what we have today. Adam Smith called it “mercantilism.” Thomas Jefferson called it “Parasite Institutions.”

And it’s the parasite institutions that caused the current mess.

This is Common Sense. I’m Paul Jacob.

By: Redactor

3 Comments

  1. W Harper says:

    Mixed (up) economy is exactly the point. Even after two elections (’06 and ’08), republicans are still blamed for spending measures that MUST originate (be passed) in the House…but the House has been under dem control since Jan of ’07. So WHOSE deficit did Obama “inherit”? What a liar this guy is; not inept or incompetent as he’s doing exactly what he planned to, irrespective of any campaign “promises.”

    How do you “halve the deficit”? Well, first you double it. Supermarkets pull this trick: they raise prices, then have “sales” on the higher priced items. When you shop sales, make sure it’s a sale. When you vote for a liar, expect lies.

    On the other hand, the republicans (spineless slugs…and I VOTE republican every two years as the lesser of two evils) split almost evenly (87 for/85 against) on the AIG bonus distraction, voting for a clearly unconstitutional attempt to get the bonus money back. NY Atty Gen Cuomo has made an arse of himself over this. And he’s the legal bigwig for Wall St (it IS in NY)!

    Article 1, section 9, 3rd paragraph of the Constitution: No Bill of Attainder or ex post facto Law shall be passed.

    The Bill of Attainder covers laws that are targeted at an individual or specific/easily recognized group of people, eg, the bonus recipients; the ex post facto (after the fact) covers the attempt to recover money in March that had been a legal binding contract before or on February 11, ’09, due to the Dodd Amendment.

    Dodd waffled on this, but finally admitted that he was responsible, more or less, for the amendment that bears his name, while he had gotten $103+k from AIG.

    It sickens me that 85 House “republicans” (the most spineless of slugs) actually voted for this blatantly unconstitutional distraction. Even my DC rep, a dem, voted against this. I emailed him to compliment him for this.

    If anyone thinks that network news shows are produced to inform rather than propagandize, that “anyone” simply isn’t paying attention. Our history and successful traditions are simply disappearing behind us as we move forward into a “Depraved New World,” much like the scenery falls away behind us as we take a drive in our cars.

    People who don’t know what they’re voting for shouldn’t vote. ACORN should not receive millions in “stimulus” for future campaign voter fraud. But find the “right” (leftist) judge, and almost any crime(s) can be overlooked.

  2. W Harper says:

    Correction:
    >>split almost evenly (87 for/85 against) on the AIG bonus distraction

    As noted later, it was 85 that voted for the bonus retrieval.

  3. Excellent. What a shame I feel compelled to give thanks for someone pointing out the obvious. To pile on the Establishment, the system collapsed due to a combination of too many regs AND not enough: the mortgage system has been hindered by over regulation for decades. But also, we have to acknowledge a particular sector of the industry that was NOT properly regulated- that part that was created by a plundering man-made entity, Big Brother, like freddie mack. Get government out of the business of business and we will have a much better system. Government regulation should aim itself at punishing the bad, not regulating the good; a significant difference.

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