Project for Philosophical Evaluations of the Economy |
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Repetition of the ugly truth
More bullet points on the current financial crisis in the US, drafted and published on Oct. 2. 2008
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More bullet points on the current financial crisis in the US, drafted and published on Oct. 2. 2008
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- Clearly new regulation is needed now in the financial markets. But what is needed most, is not this new
regulation but much rather an embracing of the philosophy of a true capitalistic existentialism. After all,
markets will always be evolving, and hence regulators will always be in a catch-up position with reality.
- The only thing that can really prevent markets from abusing freedom is a tremendous moral backbone on
the part of market leaders.
- Acquiring this moral backbone is an excruciating process that has a near-suicidal side to it. In any event,
such moral steadfastness requires an approach to life that transcends the technocratic standards that
corporate careerism so adamantly defends.
- In other words, what a true free market spirit primarily needs is entrepreneurial pioneers and not politically
correct corporate executives or career politicians.
- It may have been for the wrong reasons, but on balance House Republicans and Democrats were right to
reject the 700 Billion Dollar rescue package. After all, an honest reconstruction of the US economy and its
financial system can only come after the society as a whole has come clean on the true existential
implications of a free market philosophy.
- That the rescue package was at least initially rejected speaks to the exceptional courage and
independence that is at the base of the US culture. There is ample reason to be proud of that.
- The outrage on Wall Street that was painfully visible on the day that the US House initially rejected the
rescue plan plainly demonstrates the double standards, that these supposed free marketeers so aptly
apply. After all, they are the first to cry foul whenever government intervenes elsewhere but they are
equally the first to call for the US cavalry when it comes to solving their own predicaments.
- It may be true that this rescue package is designed to save “Main Street”. The fact of the matter though is,
that Wall Street’s support for it is not entirely selfless.
- This package will unnecessarily prolong the recovery from the current crisis. And what’s more it will create
the basis for the next more devastating bubble to occur several years from now.
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