Only yesterday our tax cheat in chief who happens to also serve as the Sec. of the Treasury said that the market can’t fix the financial mess. Oh, I do beg to differ. The arrogance of such a position is mind boggling. The “market” is all of us making our individual and collective decisions on a daily basis. All of that accumulated brain power however is not the equal of a hand full of technocrats and bureaucrats on a mission to show us just how smart they are. He repeated the mantra that only Government, Inc. is qualified and capable of restoring health to the markets.
What the market needs from Government, Inc. is to be a fair referee and nothing more. The market itself is fair in the sense that it allows for a wide variety of outcomes and everyone is treatedly equally. The market does not and never has discriminated against anyone. The market is the same as a force of nature. The market does not assure equality of outcome for everyone. That is its very nature and its purpose. It is the Darwinian theory writ large on the economic scene. It is when Government, Inc. gets its hands on the process that distortions occur that are inherently unfair. The market allows for success and so-so results and yes, indeed for failures. The failures dispite all the jokes about setting a bad example are truly the examples that the market holds up for examination and as a warning to others. The successes are to be emulated until the market deems them a bridge too far.
Just like in a football game you want to know the rules before the kickoff and then on with the game. The last thing anyone should want is for the ref. to change the rules in the second quarter, then again in the fourth. The game permits some to be heroes and score multiple touchdowns, others with stumble with missed passes or fumbles and you can rest assured there will be a winner and a loser. But if the game was played fairly by the teams and the ref officiated fairly no one will complain. The same should be true with our market. The market if fairly refereed is always fair in its ups and downs. It is the world’s best self regulating entity ever invented by the brain of man since we started permenant settlements. The common law applies to the market and is a creature of the needs of a fair and efficient market. The common law was the first referee of the market system. We have a huge layer now of regulations already in place. Please check into how many there are already if you doubt that statement. Don’t take my word for it. The market always self corrects and can do it more effectively and fairly than Government, Inc. When the Feds get involved the politicians are picking the winners and the losers rather than the market place. Then those same politicians blame the market for not being efficient. If we had let AIG, some of those large banks and GM go under in the first place we would already be on the way to a market recovery. Yes, there would have been winners and losers that the market rewarded or punished. But it would not have been Government, Inc. doing it. It would have been the result of all those millilons of decisions we all get to make as a free people. Sure there would have been problems. But most of those would have fallen to people making bad choices who deserved to deal with failure rather than be artificially propped up to a phony “success” by the Feds. If the House of Rothschild lost 100 billion on credit default swaps I don’t care. I don’t care if Bank of America exist are not, we have over 8000 other banks that want your business. In the “market” there is no such thing as to big to fail. That is purely a political concept, not a market concept. Just the same with Mother Nature i. e., how many dinosaurs have you seen lately in the neighborho0d? Did the w0rld end when they went extinct? The market does not creat artificial categories that are preordained for success or failure like the Feds.
The market doesn’t have human emotion. It is not populist or socialist or any other isms if it is allowed to work. We have Government, Inc. trying to reinvent the wheel here. They will make even a worse muck of it than they already have and the outcomes certainly won’t be fair. Fair meaning that the successes are determined by the ingenuity and hard work of the folks working in the market and the value and esteem of the market for their product or service. What made a man who can’t calculate his own taxes correctly think he has all the answers, and more to the point, and all the correct answers for our economy. I would think that is a bit more challenging than his tax return. I wonder if he is using Turbo Tax for his calculations with our economy. Let failure ring I say so the glory of success can make its clarion call across the land.
For everyone except the brainwashed the recent comments from the President of the European Union should be a real wake up call. They are not exactly knuckle -dragging, troglodyte, right wing wackos and they think we are heading the wrong way with the current budget proposal from the grand poo bah of Government, Inc. He referred to it as the path to Hell.
There are two kinds of mass. I hadn’t thought about it that much but those phycisists sure do and I am glad they understand it better than me. Inertial mass is the effect of mass whereby it measures the force necessary to move mass from a given path or set it in motion. The energy if you will to move a loaded wagon from a standstill. Gravitational mass is the attraction that every independent piece of mass has on every other–the force that keeps the earth rotating around the Sun. Mostly it is so small and weak that it is not measurable or noticeable but it is a key point in the theory of relativity.