Post by MagnetMan on Dec 18, 2008 18:31:03 GMT -5
Congressman Barney Franks is getting hammered for going to bat for the man at the bottom and trying to get some of the billions in bailout trickling downwards instead of flowing upwards. As a result he is accused of encouraging welfare.
If the profit motive in a capitalist system has any moral legitimacy, it is to ensure and sustain full employment. If it fails there and then cries foul when the state steps in and tries to keep families afloat it loses all credibility.
"Let them eat cake" Sound familiar?
If you keep gauging a profit out of every transaction without re-investing enough of that profit back into the domestic market to encourage advances in technology and the creation of enough new jobs to keep new graduates employed, the well must eventually run dry. Capitalism collapses and the rich end up starving too.
I would say that out-sourcing and pocketing all the profits at the expense of the domestic worker is more the cause of the current economic crisis than the sub-prime debacle. It is becoming apparent that capitalism requires a far more socially evolved consciousness than the one we have in place at present. Self-restraint has surrendered to greed and we are finally at the end of our rope. Natural resources are drying up and making a profit on a starving global market, rife with unemployment, can no longer sustain it moral legitimacy. Some new form of globalized socialism is inevitable.
If the profit motive in a capitalist system has any moral legitimacy, it is to ensure and sustain full employment. If it fails there and then cries foul when the state steps in and tries to keep families afloat it loses all credibility.
"Let them eat cake" Sound familiar?
If you keep gauging a profit out of every transaction without re-investing enough of that profit back into the domestic market to encourage advances in technology and the creation of enough new jobs to keep new graduates employed, the well must eventually run dry. Capitalism collapses and the rich end up starving too.
I would say that out-sourcing and pocketing all the profits at the expense of the domestic worker is more the cause of the current economic crisis than the sub-prime debacle. It is becoming apparent that capitalism requires a far more socially evolved consciousness than the one we have in place at present. Self-restraint has surrendered to greed and we are finally at the end of our rope. Natural resources are drying up and making a profit on a starving global market, rife with unemployment, can no longer sustain it moral legitimacy. Some new form of globalized socialism is inevitable.
