Free markets no more. We entrusted the gov’t to oversee the system without directly intervening, except where the rules are broken. So they refuse to intervene and enforce the rules that are there to protect us, and the end result is a market OWNED by the gov’t.
It’s not hyperbolic to describe this as the end of capitalism. Hamilton and Jefferson, two natural enemies, would agree that this is not the nation they founded.
Without a free market, we are Argentina. If markets are not free to fail, then they are not free!
bttt
"If it's too big to be allowed to fail, it's too big to be allowed to exist in the first place."
Coming to a politician near you.
Though FR tends to be more statist/Hamiltonian than I would like, it's remarkable that both sides of such a great debate can be claimed under the FR banner. Yes, the Constitution is great, but also the Anti-Federalist warnings were right, too.
Now, we have a large portion of the population who reject both sides, and all of what the founders set up.
I'm sorry to say that Benjamin Franklin would realize that sun he saw is now setting, and the Republic has not been kept.
The only thing that is certain is that the era of the unbridled free-market economy in the US has passed -- at least for now. The near nationalization of AIG, America's largest insurance company, with an $85 billion cash infusion -- a bill footed by taxpayers -- was a staggering move. The sum is three times as high as the guarantee provided by the Federal Reserve when Bear Stearns was sold to JPMorgan Chase in March.
Why is it any politician, democrat or republican, can't resist spending my money.