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My name is James Hartje, President & Founder of Stocks on Wall Street, an investment advisory company providing readers across the globe investment advice, stock picks, and market updates across our various online publications. Our main website is www.StocksonWallStreet.com You can follow... More
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  • Stop the Government: Free Market Capitalism is the Best Path to Prosperity 3 comments
    May 19, 2010 3:24 AM
    With all the cloudiness and uncertainties with the current state of the markets many are wondering what kind of role the government will take.  I say “None at all.”  As Larry Kudlow best states on a daily basis “Free market capitalism is the best path to prosperity!” I completely agree with Kudlow and am a free-marketer.  It is our free market system that built this country into the most successful and powerful economy in the history of man.  It also allowed us to help the global spread of capitalism and allow emerging markets to thrive over the past 20 years.  It tires me to hear that we are thinking of tightening regulations on banks and Wall Street.  Get rid of regulations and restrictions and let free market competition play out.  Socialist losers believe in government intervention and never has it helped.  Half of the reason we are in this mess because Congress forced the banks/lenders hand to loan to low income individuals with poor credit histories who ended up defaulting on their loans. The fact is too many Democrats and people with money are plagued by this sense of rich guilt where they feel they need to help the poor out.  The fact is you can only help out so much at some point you need to realize that nothings going to change.  Our society needs to come to terms with the fact that not everyone can own a house or have a BMW, you need to earn it. So again now as the government is reconsidering tightening regulations and becoming more involved with Wall Street maybe we should consider is this the best decision for our country?

    Let me hear what you think by leaving a comment below or sending me a Tweet?

    Read more articles at stocksonwallstreet.net/
     


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Comments (3)
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  • Yeah! Lets deregulate the system so the rich can continue buy out the media and government officials, swindle the US people into fear, and put the largest pocket of wealth into an even smaller percentage of the country. That sounds like an awesome idea to me.

     

    Did it ever occur to you that one reason people are bad at managing money is because they have been trained to do so by capitalism? Or, because they have grown up in a disadvantaged situation -- unable to get the support and education that would enable them to make better life decisions?

     

    I would gladly share some of my wealth to make everyone just a little bit happier. Imagine a world where everyone was happy -- no crime, no greed, no war.
    24 Oct 2010, 04:10 AM Reply Like
  • Author’s reply » If you want higher taxes and give away your hard earned money they all the more too you, donate lets not raise taxes and ruin our economy.
    26 Oct 2010, 07:58 PM Reply Like
  • However, contrary to what you would like to believe, the Utopian view of the world (no crime, no greed, no war) is unattainable because it doesn't take account of human self interest. I am a seventeen year old senior in high school and it sickens me that as soon as I graduate from college I will be bombarded with taxes. Admittedly, some of this tax money will be used to a good extent but the sad truth is that a majority of my money will go to either unnecessary earmarks on congressional bills or people who aren't really trying to make money of their own. What happened to the idea that if you wanted money, work for it? The founders of the Constitution wrote the foundation for our nation in such a way that it would protect property. Yet the national government has in the 220+ years since our founding managed to stretch meaning and downright misinterpret the Constitution to such an awful extent that they manage to regulate in never intended ways. If you look to Article I, Section 8 you can see the exact powers that are designated to the national government. Nowhere in the article is the power to regulate the economy with any of the methods they use. The Founders established this nation as a republic in efforts to have the rule of law be the supreme authority. Rule of law protects property, while rule of man does not. The only lawful economic principle is an unregulated free market capitalism. Any other type, through regulation and seizure would effectively be a social redistribution program.

     

    Besides the fact that any regulation to the economy by the national government is completely unconstitutional and the Founders would have never intended regulation to occur, your attacks on capitalism are unwarranted. Your flaws are multi-faceted: first, if you are referring to the poor credit management of the nation, then you have failed to realize that capitalism is not to blame for poor financial principles. It is in fact the choice of the people to manage their own finances in any way they deem necessary (although as government gains more power, we lose even this ability). Sure capitalism allows private spending, but other than communism which economic system doesn't allow this? Your second flaw lies in the fact that you believe that because citizens can make bad monetary choices, the government should make the choices by regulating. However, there are countless times where government has made extremely costly mistakes that result in more economic turmoil than necessary. Just look to the most recent financial crisis. Many people blamed banks for making irresponsible financial decisions even though these decisions (giving loans to people with little income and a poor credit history) were required by the national government to "protect equality."

     

    Surely, government regulation is not the way to go, when it comes to property protection and constitutionality.
    1 Dec 2010, 12:34 AM Reply Like
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