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at the 26:40 mark he makes a comment about the governent allowing for larger securitization of loans than the free market would have. Which if you pay attention he contradicts himeslef several seconds later when he acknowledges Wall Street’s role in stepping in to the position of Fannie and Freddie

I missed that. I'll have to check that out.

I’m curious as to how you feel about Peter’s position opposing outsourcing. FYI, I see globalization as further self destruction of America. But I know that many here don’t agree with that, I’m just about your sentiments?

I learn so much on this forum day after day, so this is only my current position, subject to change upon further information: My gut tells me globalization and offshore outsourcing is self-destruction for the U.S. OTOH, according to what I've read, the "experts" (though I don't know if they all agree) say we lose more in American business and jobs when we try to stop businesses from outsourcing to other countries, or when we try to halt or slow the flow of products and services from other countries into ours. The quote-unquote "experts" do make a valid point there.

However, here's where my opinion will never change: I've always opposed American business bringing in noncitizens to fill jobs here, whether they're illegal aliens or H1Bs.

OTOH, according to what I've read, the "experts" (though I don't know if they all agree) say we lose more in American business and jobs when we try to stop businesses from outsourcing to other countries, or when we try to halt or slow the flow of products and services from other countries into ours. The quote-unquote "experts" do make a valid point there.

Given that we run an $800B trade deficit, how can that be?

From my personal experience Globalization may have been the first step into Galt's Gulch. In the late 80s and early 90s I was buying specialized equipment and parts and sometimes they had to be custom fabricated. Over time it became a full time job just to ride herd on the process. We bought from domestic suppliers. Almost every order had problems associated with it. Wrong Parts. Wrong specifications. Delayed shipments. Shoddy workmanship. Reps continually lying about what they could do and when they could do it. It was a mess.

Out of sheer desperation I began to order from foreign sources (Japanese). Lead time was a little longer but it went back to being a two-step process again, order and receive. Important parts could be air freighted. Every order would be exactly what I had ordered and the workmanship and packaging was perfect. Manufacturing has since gone to China but the story is the same. With shipping our costs are about the same or a little higher but we have enormous savings in time and aggrivation. We don't have a project tied up because some idiot with a hangover pulled our order.

In Shrugged the producers retreated to Galt's Gulch but that is not the only option available to them now. They may, instead, retreat to where they can produce or the entire process may shift to peoples and countries not so mired in a smug incompetence.