There is no "manna from heaven" in any economic system. Imperfections are everywhere. But capitalism is the system that optimizes aggregate standard of living through free choice and market accountability. Any deviation from pure free market enterprise is a drag on productivity and living standards.
Things are screwed up precisely because government interfered in the natural functioning of the free market. The Federal Reserve over-stimulated. Freddie and Fannie influenced the mortgage and housing markets in unnatural ways. Politicians forced lenders to loan money to people who shouldn't have qualified. Bubble, bubble. Homebuyers and Wall Street financiers were happy to play along.
It was fun while it lasted, as people were making money, and politicians were bragging about their programs and regulations. Greenspan was a hero for supposedly saving the economy. Yeah, right. Capitalists realize the economy would grow faster and work better through market mechanisms of accountability. No bailouts, subsidies, regulatory burdens, nor heavy taxation. Let companies and workers be accountable for their own performance. That's capitalism. Instead, we have a government that punishes success and rewards failure.
Things are screwed up precisely because government interfered in the natural functioning of the free market. The Federal Reserve over-stimulated. Freddie and Fannie influenced the mortgage and housing markets in unnatural ways. Politicians forced lenders to loan money to people who shouldn't have qualified. Bubble, bubble. Homebuyers and Wall Street financiers were happy to play along.
It was fun while it lasted, as people were making money, and politicians were bragging about their programs and regulations. Greenspan was a hero for supposedly saving the economy. Yeah, right. Capitalists realize the economy would grow faster and work better through market mechanisms of accountability. No bailouts, subsidies, regulatory burdens, nor heavy taxation. Let companies and workers be accountable for their own performance. That's capitalism. Instead, we have a government that punishes success and rewards failure.
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