Tuesday, December 23, 2008
Bail out, bail out, don't like capitalism all you have to do is pout
Seriously I guess I thought capitalism involved risk for investors. Could it be that the type of risk we have encouraged in our society was not sustainable? Is there a form of limited capitalism that does not encourage harmful, negligent, risk?
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Perhaps. I'd say one apparent issue in American capitalism is that companies can become too big and too powerful. So powerful, in fact, that their destruction is something the federal government wishes to avoid by granting loans for BILLIONS of dollars, just so that the powerful companies won't die and damage the economy in the process.
Someone once said something about the idea of creative destruction. That is, destruction leads to newer and better creations. Noah's Ark, if you will!
IMO, that's what we need here. These failing companies should be left alone. They will change or they will die. Economy will take a hit, but in the long run, better companies with better profit models will spring up from the ashes of these powerful corporations, to the benefit of all.
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