LC’s Commentary

Listen To The Voice of Reason

True then, true now

Pray tell me why those charged with managing this nation monetarily continually get blind-sided by economic chaos.  While there are certainly ups and downs in the world of economics, there are undeniable indications that removal of some of the problems inherent in a capitalistic form of economics can and must be removed. The free market approach to economics assumes those who manage the capital of this nation are truthful, forthright and just. It also assumes all who participate in a free market have equal access to it. The free market approach, along with the trickle down theory falls apart when those at the top continue to demand more and more of the fruits of someone else’s labor.

Take a look at what is happening to the banking industry, worldwide. Consolidations, takeovers, and buyouts abound. Vast amounts of wealth are in the hands of a few.  Meanwhile, those in the trenches and actually doing real work, have little to show for their efforts. More than one writer warned this nation about greed, with greed eventually destroying capitalism. I was struck by the insight some writers and thinkers of old had about this thing called capitalism and the inherent problems associated with it.

In the Ohio Executive Documents, dated (1898) exerts from a book titled the farmer in relationship to other industrial citizens, F.B. McNeal coined the following; Out of the want of legislation  and bad legislation, has arisen the almost innumerable corporate bodies of the country, granted special franchises and powers by the government, with little responsibility to the power that gave them life and with little respect for the people from whom their patronage must come, their management has become corrupt, their stock, the plaything of stock boards and individual speculators, their special privileges and franchises looked upon as the individual plunder for those who have them in control; thus vast amounts of capital centered in the hands of a few individuals , the combining of operations, the pooling of interests, and the formations of trusts, have made the United States the grandest gambling place of the world today, for Wall street is no less a gambling center than the pool rooms of our race courses, whose jockeys are better paid than the professors of our colleges, nor are the grain pits and stock exchanges any less so than the prize rings, whose participants are better paid than the best preachers of our land. Speculation and transfer of representatives of value without production, is the incubus that sits upon our body politic and upon our citizenship today. The millionaire, made such in day without adding to the wealth of the community, is made such at the expense of many additions to the pauper element of the country.

In 1896 Washington Gladden, writing about Christian Socialism, penned the following: the gamblers, including the crowds of so-called speculators in the great cities who get their living by betting on margins, are also parasites; economically, they belong to the same class as beggars and thieves; they live without rendering to society any service whatever. These classes absorb a large share of the wealth produced. Whatever they consume is so much subtracted from the aggregate product of industry, and it leaves just so much less to be distributed to the productive classes. The State must find some way of suppressing this economical parasitism.

Can it be said any plainer? Are those in power willing to take on the establishment and put some teeth into the laws, rules and regulations that govern our economic system?  The problem remains the same (greed and lack of control.) Only the names have changed.

 

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October 1, 2008 - Posted by | Failed economic poicy, wealth redistribution | ,

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