Quote Of The Day

By Justin Gardner | Related entries in Economy, Money, Quotes, Social Programs

“If you bail out every investment bank that gets in trouble, that’s not capitalism, that’s socialism for the rich.”

- Jim Rogers, CEO of Rogers Holdings on CNBC today

Here’s some background:

Last week, it was a $200 billion cash-for-bond swap for the banks.

This week, it was a $200 billion bond-for-bond swap for the big investment houses.

If they keep this up, pretty soon you’ll be able to walk into any Federal Reserve bank and hock that diamond brooch you inherited from Aunt Mildred.

Forget all that nonsense about the Bernanke Fed being too timid or behind the curve. In the face of what is turning into the most serious financial market crisis since the Great Depression, the Fed has been more aggressive and more creative in using its limitless balance sheet — in effect, its ability to print money — than at any time in history.

And yet we can’t get everybody healthcare?

Yes, I know they’re not the same thing, but I’m talking about PRIORITIES here people! We fight endless wars and throw hundreds of billions at reconstruction in other countries, and yet we can’t invest more in education, in infrastructure, in the health of our nation?

We can do better.


This entry was posted on Wednesday, March 12th, 2008 and is filed under Economy, Money, Quotes, Social Programs. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

3 Responses to “Quote Of The Day”

  1. Alan Stewart Carl Says:

    Bank failures tend to hurt a lot of people so I can see why the government would want to provide assistance. Still, it has become commonplace for the government to pump money into any major industry that is struggling — seems to me that such action provides too much incentive for reckless investment/management. The fear of failure is one of the checks the free market creates. When governments start routinely minimizing or removing that fear altogether, it’s no longer a true free market and large companies stop self-regulating knowing that if things go south, they can always put their hand out.

  2. Dr. Saturn Says:

    “We fight endless wars and throw hundreds of billions at reconstruction in other countries, and yet we can’t invest more in education, in infrastructure, in the health of our nation?”

    I think the point is, we CAN’T afford to fight endless wars and throw hundreds of billions of dollars in to reconstruction of other countries. If we can’t even afford what we’re already doing, how can we afford to do more?

    Although I agree with your point about priorities. I’d feel a little less sick if we were destroying ourselves with socialized healthcare and medicine than outright imperialism.

  3. Wingnut Says:

    Hi gang!

    Can I do an anti-capitalism rant… right about here? I’ll make it one of my little ones… as to not consume too many pixels.

    The only reason anyone is in need in the first place, is because the pyramid scheme called capitalism… put free-marketeer-coupons-ONLY pricetags on all the survival goods, and high ones at that. (The pyramid scheme symbol is on the back of the USA one dollar bill.)

    So, capitalism actually CAUSES poverty (and profiting causes inflation). Outlaw money, (en)titles of ownership, bills/demanding, and pricetags, and poverty goes away. So does pyramiding. Its pretty simple. Pyramid schemes work exactly the same as childhood farmyard pyramids of children. Upper 1/3 are heads-in-the-clouds… while the kids on the bottom ALWAYS GET HURT from the weight of the world’s knees in their backs. Capitalism is easily seen as INFESTED with servitude, due to inequality. Seriously immoral.

    If we had ANY decent law enforcement in the USA or world, anyone not-forced-into the free marketeers church-o-competing… would be doing time in federal prison for felony pyramiding. And lets not even think about what capitalists will meet in the afterlife. We see MANY MANY parents in the USA… (via competer’s church-only pricetaggings)… forcing kids to join the free marketeer’s church-o-competing when they turn 18 years old… OR STARVE! And that pretty much eliminates them from participation in the church-o-cooperating (Christianity/Socialism). What a cool crime, eh? AmWay (American Way) got the exclusive on the TYPE of trade coupons (money) accepted in the supply depots (stores)… and leverages slaves into action via that. Nice. Cute. The free marketeers WILL fall just like all pyramid schemes. Its just a matter of time, and I sure wish it was a matter of law. But servitude is legal here in the USA, and almost all parents condone and promote the church of competing… felony or not.

    Follow the U.S. military’s socialist ways… its a far better survival/supply system and leaves no member under supply-duress. Pricetagless, moneyless, ownerless, demandless, luxury-less, tug-o-war-less, pyramid-less… the military society knows how to operate without using cancerous tumors called “economies”. Time to rid the world of economies and stop cheering for their “growth”. They just cause rat-racing, and that causes servitude-infested (inequality-infested) pyramiding.

    Larry “Wingnut” Wendlandt
    MaStars – Mothers Against Stuff That Ain’t Right
    (anti-capitalism-ists)
    Bessemer MI USA

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