
Originally Posted by
Pedro Gonzales
'Equivalent'? He's won the Nobel prize, and probably has more degrees than Coulter, Palin, Beck and Limbaugh put together.
Pedro, my friend.. The Nobel Prize used to be noble.. but ever since the kid was awarded a Ph.D. before he stepped out of kindergarten.. I for one, have lost respect for that award. You know the kid about whom, I am talking about. I am yet to find a soul who convincingly justifies that Nobel Award..
Arguably, there's no pure capitalistic society in the world anymore. The U.S. and Europe are all partially socialistic. All I want is a stronger safety net.
Safety Net is good.. but at what cost? Too much emphasis on the safety net becomes a shackle on the one who wants to fly high.. the ones who are not afraid to fall down.. Do you blame them for being too reckless? If the Wright Brothers had worried about the safety net, they would have never managed to fly.. Edison failed a thousand times.. he didn't worry about a safety net.. Had Steve Jobs and Ellison and Bill Gates worried about the safety net, they would have never summoned the courage to drop out of school...George Washington and Thomas Jefferson were wealthy farmers with a very very secure future.. Yet they risked it all because they believed in the idea of freedom.
America is built by people who took all kinds of risks to get to its shores.. work hard and make a better lives for ourselves..
Think about it.. we left the safety net and comfort of our homes to come here.. were there any guarantees that we'd be successful.. no.. but we worked hard and here we are.. young, successful professionals.. had we thought of a safety net, we would be somewhere in India contemplating what could have been had we made up our mind to go to the U.S.
I don't need the hard sell on this. As I said, I am a fiscal conservative. I don't think we ought to incentivize indolence. It's a downside to voting Democratic, today but one I can live with until the Republican party moves a bit to the left. Eventually (perhaps as soon as after this election?) the extreme right will be routed out of the Republican party, and they will move to the center (only slightly to the right of where the Democratic party is today).
Ignoring your rant against Obama, which is so far off keel that I do not think I need to counter....
Another area where I have some personal knowledge. Wall Street, (where i've spent the last 7 years) like the Oil and Gas Industry (where I spent the previous 7 years) will never self-regulate. These are smart, generally ethical, but incredibly ambitious people in a system that rewards people for taking risks with little to no personal downside (opportunity cost, which they will point to, is not real downside). Dodd-Frank tries to tackle it but ineffectively. Dodd-Frank's problem is that it focuses on many costly non-issues while not addressing vital segments of the industry that require regulation. In 2005, I was sold on the '99 repeal of Glass Steagall by Gramm Leach Bliley. Yet, in my time in a top investment bank, many of the contradictions of the common banking model started to come to light. I had decided for myself before 2008 that common investors (through retail bank accounts or pension fund / mutual fund investments) weren't sufficiently rewarded for the profits their funds enabled the investment bankers to make. I didn't expect the bail out so I thought common investors would fit the bill whenever losses mounted, although partners (stock holders eventually as more of these banks IPOed) would a hit too. As it turned out, the buck stopped with the taxpayer. Cbs, if you're with a hedge fund, as many of my friends are, nothing I can tell you will seem to justify the regulations you are starting to face, and that's the only reason I can see for you to be against it. For everyone else, the fact is, this regulation replaces the board supervision and investor manager prudence that have been found wanting.
Much has been written on the topic by experts, who have put far more thought on it than I have, so don't just believe that Krugman is shit because O'Reilly says so. Read his work and figure out for himself. Or read any of the other neutral economists.