Tag Archives | robber barons

Robber Barons? Meet Robber TARP

The federal government’s TARP program was a cover for a massive income transfer from the productive to the unproductive classes in society, writes Jerry O’Driscoll for the Christian Science Monitor:

Bring back the Robber Barons. That is the title of yesterday’s “Wonderland” column by Daniel Henninger in the Wall Street Journal.

Henninger distinguishes between market entrepreneurs and political entrepreneurs. Market entrepreneurs innovate and create new products. Political entrepreneurs make money by gaming the political system. “We need vision, vitality and commercial moxie. The government is draining it away.”

Bravo!

The real cost of TARP and stimulus is the diversion of resources and talent from creating value into transferring money from one pocket to another.

The stimulus bill was a cover for a massive income transfer from the productive to the unproductive classes in society.

TARP transferred money from profitable firms and hardworking Americans to profligate bankers…

Read the rest

Continue Reading

2008 Financial Collapse: An Inside Job

By Robert Singer

Maybe it’s the smoke from Mt. Vesuvius that keeps Arianna Huffington and the financial community from seeing that the economic collapse has nothing to do with the Fed “missing” the warning signs leading up to the October meltdown.

“Things do not happen. Things are made to happen.”   John F. Kennedy

The Fed didn’t miss anything; the October meltdown was an inside job.

Capitalism never made sense

Professor Ebeling, the Ludwig von Mises professor of Economics at Hillsdale College, understood something was wrong when he wrote: “the perverse development and evolution of historical capitalism, the institutions necessary for a truly free-market economy have been either undermined or prevented from emerging.”

But when he claimed, “it is the principles and the meaning of a free-market economy that must be rediscovered” in order to overcome the burden of historical capitalism and save liberty, he should have written that principles must be rediscovered in order to prevent the planet from attempted murder (ecocide).… Read the rest

Continue Reading