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Politics : President Barack Obama
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To: Road Walker who wrote (136279)8/28/2013 9:12:43 AM
From: RetiredNow  Read Replies (1) of 149317
 
Good article. I've never believed in the predictive power of economics. I've also never believed that a cabal of a handful of banker economists at the helm of the Federal Reserve could effectively plan our economy. Central Economic Planning has been proven to be an inferior method to allocate resources and to create wealth in an economy. Capitalism, supply and demand, and free (but regulated) market forces have proven to be superior in allocating resources to the highest ROI projects and in creating long term wealth. It's why our country became wealthy. We had a free economy than in other parts of the world, for a very long time.

I think in our fit of disgust over the financial crisis, we've begun to believe that Capitalism is a bad word and we've thrown the baby out with the bath water in our pell mell knee jerk preference for the Fed's Central Economic Planning. It didn't work for the Soviets and it won't work for us. We're still mired in slow growth mode and walking on the knife edge of systemic financial industry instability, because we refused to do what must be done and let the market forces flush out and bankrupt these large, vampire banks. Now, we are the walking dead, just like Japan has been for a couple of decades.

It's sad, because it's a choice we made. It wasn't just bad luck.
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