Market Currents
"Freeing capitalism to do what it does best won't just create national wealth and reduce...
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Sunday, July 29, 2012, 5:48 AM ET"Freeing capitalism to do what it does best won't just create national wealth and reduce poverty, but expand the ability of Americans to achieve earned success — to pursue happiness," writes Charles Murray in the WSJ, where he analyzes why "capitalism has an image problem." Restoring capitalism's reputation, therefore, also includes returning the "vocabulary of virtue" to the discussion.
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THIS IS NOT SPARTA
It's not about images. It's about truth.
The author acknowledges that crony capitalism, or collusive capitalism as he labels it, is fundamentally wrong. He acknowledges the role of government in maintaining the rule of law and preventing the use of force, fraud or collusion in the economic realm. Finally, he notes that capitalism, when it worked to make America great, had an underpinning of moral values. It was expected that capitalists would have certain values, such as concern for the rights of others, that would limit their conduct.
Modern capitalism is completely amoral, and condones immorality, as was demonstrated by the number of people on Wall St who knew Madoff was bogus, or that fraud in granting and securitizing mortgages was creating bogus assets, and did nothing.
Mr. Murray then offers Romney's resume at Bain as an example of a model capitalist, a benign force of creative destruction. That's where he and I part company. Romney destroyed his records when he completed his term as Massachusetts governor. He destroyed his records after running the Olympics. He refuses to honor the standard set by his own father in disclosing 12 years of income tax returns. Dollars to donuts, the records of how he made his millions at Bain have been destroyed.
The point is, that capitalism is the best economic system known to man. Adam Smith is well known for his Wealth of Nations and the conception of the invisible hand. That work needs to be read in the context of his earlier work, The Theory of Moral Sentiments. He never espoused anything remotely similar to today's immoral and predatory Financialism.
If Romney obtained his wealth the old fashioned way - by earning it - he'll never be able to prove it: the records have been destroyed.
http://bit.ly/Ln1jis
No more "looking the other way, revolving door employment opportunities between gov. and priv.sector, and gov. job security from cradle to grave."
It can be no coincidence, that so many former gov. officials find their way into private sector employment and million dollar jobs,while so rarely the other way around.
What's good for the goose, is good for the gander.
There is no better system than free market capitalism. More wealth and less poverty is its central focus.
Think America!
Then clean up the stain on the republic we so ignorantly foisted on the country in 2008!
May the good lord watch over this fragile little experiment in freedom / man's self rule we so lovingly call America!
God save the republic