Tuesday, June 26, 2012

Daily Briefing for Tuesday, June 26, 2012

Ron Reads Rolling Stone

I grew up with Ron.  We went to church together and were on the swim team back in the day.  Smart guy.  And fast in the butterfly.  The last place I wanted to be (and yet I spent a fair amount of time there) was in his wake zone in the pool.  He could generate some serious wave action for the swimmers to the left or right of him.

He shared this link in response to the CNBC piece I posted yesterday.  It further illustrates how we have lost touch with the basic tenets of capitalism - the necessity of free market competition. 

The risk we run here is the temptation to throw the baby out with the bath water.  The economic collapse of 08 wasn't because capitalism and free markets are flawed.  To the contrary - the markets performed as one would predict (and as several did predict they would) when we were in a housing bubble, fueled with government-backed mortgages created by a political agenda (the Community Reinvestment Act), coupled with reckless investment strategies of big banks who purchased, repackaged and resold said assets.  The free market is like any other tool.  Used correctly, it can create wonderful things.  Used negligently, it can cause severe injury.

My First (And Probably Last) Infomercial

This is supposed to be funny.  It's not as funny as I had hoped.  Please don't take it seriously. 

No comments:

Post a Comment