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Politics : Actual left/right wing discussion
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To: koan who wrote (8645)11/24/2010 1:42:58 PM
From: TimF  Read Replies (1) of 10087
 
Socialism at work

Corporate Profits Were the Highest on Record Last Quarter

Most of that isn't socialism at work, but it is true that some of it was. GM for example fits under even the traditional more narrow definition of socialism. More generally trying to manage the economy through stimulus and bailouts, while not really fully socialist, "smacks of" socialism.

Its unclear if your praising these actions or condemning them.

If the former consider the resources taken out of the economy to pay for all of this and the federal and state government debts we will have to deal with. Consider how keeping less successful companies alive short circuits the creative destruction of capitalism and distorts investment to lower its efficiency. Consider how artificial props for companies of segments of the economy like "cash for clunkers", temporarily stimulated sales largely be stealing sales from the future, and encouraged the flow of economic production (to the extent they worked in any sense at all), but destroying the accumulated stock of wealth represented by the used cars that where destroyed, all while taking up resources that could have been used elsewhere. A good example of the broken windows fallacy.

If the latter, consider how most of the opposition to all of this came from conservatives (libertarians where even more likely to oppose it, but if you define libertarian narrowly their aren't many of them, and if you define both libertarian and conservative broadly, than there is a fair measure of overlap between the two groups).
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