Soros Bashes Free Market in USA Today Profile

businessandmedia.org ^ | May 13, 2008 | Jeff Poor

[Rufus2007]

The Father of Capitalism, Adam Smith, is probably turning over in his grave as we speak.

The day after the presumptive GOP presidential nominee, Sen. John McCain (R-Ariz.), perverted the definition of free market to advocate his global warming platform, along comes left-wing billionaire George Soros suggesting traditional free-market theory is flawed in the May 13 USA Today.

The profile by David J. Lynch touted Soros' “theory of reflexivity,” which asserts classic free market theory is flawed because it assumes everyone acts rationally “to maximize their individual welfare or profits."

"Of course, real life never matches up exactly with the theory's assumptions. But they represent, economists say, a useful way of making sense of a complex world," Lynch wrote.

"To Soros, the conventional approach is rubbish. Instead of a world of near-identical actors, coolly assessing their economic interests and acting with clear-eyed precision, he sees a world (and markets) governed by passion, bias and self-reinforcing errors. Because fallible human beings are both involved in, and trying to make sense of, this world, they inevitably make mistakes. Those mistakes then feed on themselves in ‘reflexive’ ways that, when taken to extremes, result in situations such as the now-deflating U.S. housing bubble."

snip

The story also stated Soros is a target of Fox News commentator Bill O'Reilly and conservative Web sites such as freerepublic.com, which “routinely assail him as ‘anti-American.’” However, Soros brings a lot of that on himself for engaging radical left-wing causes.

According to a 2003 Cybercast News Service story, Soros has donated to America Coming Together, MoveOn.org and the Center for American Progress. But, the Lynch article described these endeavors as a concentration on “philanthropy.”

[Rufus2007]

Why do they keep glorifying this guy - who's half a commie - in the news?

[okie01]

Why do they keep glorifying this guy - who's half a commie - in the news?

Because they want the same thing he wants -- a socialist America, subsidiary to a world government.

[Cincinatus]

Why do they keep glorifying this guy - who's half a commie - in the news?

Birds of a feather flock together.

[wideawake]

This is the same economic guff Pat Buchanan and Lou Dobbs have been spouting for years now.

How can we "free traitors" dare to disagree with staunch American patriot George Soros?

[BenLurkin]

“Because fallible human beings are both involved in, and trying to make sense of, this world, they inevitably make mistakes.”

So what? I'd rather live in a world influenced by the occasional mistakes of individuals than tolerate endless subjugation to the mistakes of bureaucrats.

[MBB1984]

Perhaps because he is a McCain and an Obama supporter?

[Nachum]

Of course it is Georgie. Let’s start by taking all of your money first...

[MrB]

Some leftists don’t understand the concept of incentives,

others, like Soros, reject it.

Both think the best person to make decisions for everyone is some (leftist) elite elevated and given the power to do so.

[fightinbluhen51]

The sooner this old crotchity sturge kicks off (of natural causes) the better. I don’t want the listening posts to think me wanting him dead before his God delivered time. That would mean a more spiteful death anyways, since the fart probably doesn’t believe in God. Sucks to not know your maker when you’re going to meet him.

[AngelesCrestHighway]

Be my guest Soros baby!....Be a socialist and give away all your money!....Just stop telling me I have to give away what I have!

[kcm.org]

"Why do they keep glorifying this guy - who's half a commie - in the news? "

Gasoline is $3.69/gal here, and the answer why is right here...hint: a man who allegedly said the current president "should be taken care of", or words to that effect.

[okie01]

Those mistakes then feed on themselves in ‘reflexive’ ways that, when taken to extremes, result in situations such as the now-deflating U.S. housing bubble."

That is exactly how free markets correct themselves.

A government-managed command economy never corrects itself. Ever.

Soros should know better. But, of course, he can better manipulate a government-managed economy to his benefit than he can a free market economy.

For their part, though, the left will never learn...

[chesley]

"To Soros, the conventional approach is rubbish. Instead of a world of near-identical actors, coolly assessing their economic interests and acting with clear-eyed precision, he sees a world (and markets) governed by passion, bias and self-reinforcing errors. Because fallible human beings are both involved in, and trying to make sense of, this world, they inevitably make mistakes. Those mistakes then feed on themselves in ‘reflexive’ ways that, when taken to extremes, result in situations such as the now-deflating U.S. housing bubble."

This is rubbish, indeed. Nowhere does capitalism assume that the actors are near identical. Nowhere is it asumed that mistakes won't be made.

It amazes me how people can look at the same facts, identify the situation the same way, then come to totally opposite conclusions about what should be done about the situation.

[chesley]

"To Soros, the conventional approach is rubbish. Instead of a world of near-identical actors, coolly assessing their economic interests and acting with clear-eyed precision, he sees a world (and markets) governed by passion, bias and self-reinforcing errors. Because fallible human beings are both involved in, and trying to make sense of, this world, they inevitably make mistakes. Those mistakes then feed on themselves in ‘reflexive’ ways that, when taken to extremes, result in situations such as the now-deflating U.S. housing bubble."

This is rubbish, indeed. Nowhere does capitalism assume that the actors are near identical. Nowhere is it asumed that mistakes won't be made.

It amazes me how people can look at the same facts, identify the situation the same way, then come to totally opposite conclusions about what should be done about the situation.

[chesley]

"To Soros, the conventional approach is rubbish. Instead of a world of near-identical actors, coolly assessing their economic interests and acting with clear-eyed precision, he sees a world (and markets) governed by passion, bias and self-reinforcing errors. Because fallible human beings are both involved in, and trying to make sense of, this world, they inevitably make mistakes. Those mistakes then feed on themselves in ‘reflexive’ ways that, when taken to extremes, result in situations such as the now-deflating U.S. housing bubble."

This is rubbish, indeed. Nowhere does capitalism assume that the actors are near identical. Nowhere is it asumed that mistakes won't be made.

It amazes me how people can look at the same facts, identify the situation the same way, then come to totally opposite conclusions about what should be done about the situation.

[massgopguy]

“Irrational”? Is this a confession?

[Proud_USA_Republican]

Its easy to be a liberal when you’re rich.

[Adder]

Oh no...you don’t have to “give” it away...they are going to come and take it.

[MrB]

I’d like to hear an example of “self-reinforcing errors”.

In a free market, almost by definition, errors have negative consequences, ie, self-CORRECTING errors.

The only “self-reinforcing errors” that I’ve ever seen are when gov’t institutes a plan to alleviate a consequence and gets more of that consequence EVERY TIME, alleviates the consequence further and gets yet more.

[KarlInOhio]

Those mistakes then feed on themselves in ‘reflexive’ ways that, when taken to extremes, result in situations such as the now-deflating U.S. housing bubble."

Most of those mistakes can be traced back to non-free market, governmental or quasi-governmental organizations like the Federal Reserve, FNMA (Fannie Mae), FHLMC (Freddie Mac) and various government agencies who made it clear to lenders that they better lend to "less qualified" borrowers or else "bad things will happen" to the lenders. A lot of those investments were made because they were seen as too big to be allowed to fail by the federal government, rather than by people rationally looking at the bubble and saying "Maybe now isn't the time to lend new buyers money".

Note that the "mistake" in Soros's eyes appears to be the deflating housing bubble, not the housing bubble itself.

[massgopguy]

Ah, I see after some research. It was “rational” for George to assist the NAZIS to confiscate the property of Jews with the government official his father bribed to cover him as his “Chritian” God-son. The myth of Soros makes it sound like he was in a camp and at worst a Sondercommando. I wonder how much of that property George was able to skim off for the Nest Egg he showed up with after the rest of Europe was rubble.

[Reeses]

I wonder if Soro’s leftism is all a ruse to keep his money. How else can you acquire $1 billion in one day without creating a thing of value while keeping the envious left from attacking you. You just repeat leftist talking points then get a total free pass. Really his donations to leftist causes are pocket change to him.

[MrB]

Fitting that the Nazi is supporting today’s fascists, the American left.

[Rufus2007]

Poor George is a target of Bill O’Reilly and Free Republic. It must be tough being a left-wing sugardaddy for failed left-wing causes.

[ThisLittleLightofMine]

Here here....let him be the first to donate his funds to make himself level with the working man.

[penowa]

"...half a commie..."

Half a commie? LOL! The MSM LOVES the Marxist globalist agenda. If this crazed evil monster were FOR free markets, he wouldn't get any press coverage from the socialists.

[messierhunter]

That is exactly how free markets correct themselves. A government-managed command economy never corrects itself. Ever.

My thoughts exactly. In the free economy there are negative consequences for mistakes, resulting in improvement. In a government-managed bureaucracy mistakes are rewarded with more funding. The failing US educational system is proof of that.

[lormand]

"How can we "free traitors" dare to disagree with staunch American patriot George Soros?"

LOL!

[12Gauge687]

He’s American? How did he pass the citizenship test? Probably bribed someone at INS. Has anyone noticed that with a mustache, he’d look like Stalin?

[Ditto]

The profile by David J. Lynch touted Soros' “theory of reflexivity,” which asserts classic free market theory is flawed because it assumes everyone acts rationally “to maximize their individual welfare or profits."

The theory never said that 'everyone' would act rationally. It simply states that most will and their combined self interest is what causes the rational distribution of resources.

Sorus sets up straw men that he can knock down.

[spinestein]

Soros doesn't make his billions in the free market. He uses his wealth to monopolize markets and gain access to investments that others can't get. He doesn't make money by producing goods or services, but only by siphoning off of others as a middleman and he only makes money when others lose money.

Soros is a low life scum and he has a lot of nerve to criticize the morality of how others earn a living.

[MrB]

I would be interested in one example of Soros’ assertion of “self-reinforcing errors”.

[chesley]

Exactly!! I’d like to see some examples, too.

[MrB]

The market, by its very nature and definition self-CORRECTS errors.

[chesley]

Where am I disagreeing with you?

[MrB]

Not disagreeing, just b i itching some more about the absurdity of Soros “self reinforcing errors” BS.

[Anti-Bubba182]

"..The profile by David J. Lynch touted Soros' “theory of reflexivity,” which asserts classic free market theory is flawed because it assumes everyone acts rationally “to maximize their individual welfare or profits.".."

Soros is right! In a rational world one of the governments who's countries enonomy was damaged by Soros currency machinations would have sent an agent to kill his sorry ass.

[chesley]

Gotcha!

Hell, Soros is an error. A Jew with a Nazi past.

[okie01]

Puzzled by your #16.

Was it addressed to me by mistake?

Just asking...

[steelyourfaith]

 

Beam me to Planet Gore !

[Entrepreneur]

Because they want the same thing he wants -- a socialist America, subsidiary to a world government.

Well, we're on our way since the next POTUS will be an enviromarxists and willingly subordinate the country to the U.N. "for the environment" and "for the children."