It’s so fun to watch hardcore capitalists try to parse out the recent troubles. Some of [Jesse, in this case] Malkin’s commenters, at the risk of picking fruit hanging so low it’s practically tuber, are truly bewildered:
Here’s what I don’t understand:
To work in a high-level position of any of these financial companies, chances are you have to have an Ivy League or near-Ivy League degree.
To get into an Ivy League school, you need to be “smart.”
To get promoted to CEO of a major company, you need to be “good.”
How do people who get so far in life screw up so royally?
To quote myself from the Alas thread on this topic, Um, because your imaginary meritocracy is a tissue of lies and always has been?
The robber barons are back.
At first I thought this was a plant or even an admitted liberal, because “The robber barons are back” would be the tag line of the Bush Administration Economic Policy movie, but a look at the commenter’s blog reveals a good little anti-Sharia panic merchant that somehow missed the memo.
Of course Barney F****T is bass-ackward. Aren’t they all?
That one’s kind of pointless, I just wanted to remind you what ignorant bigoted fucks Malkinites remain. There’s even a commenter who, while purportedly arguing from the conservative side of things, has some opinions which sound awfully familiar (emphasis mine):
Are you starting to get the picture? Let me spell it out; for OUR $85 billion-dollar loan, to be repaid in 24 MONTHS, we (the Feds) get a nearly 80 PERCENT interest in a company worth over $1 TRILLION! The Feds have a veto say in the payment of any dividends, which means the shareholders will be protected from huge losses, but also will NOT realize a profit from the mismanagement of AIG’s mortgage-lending division.
This is not the bailout of some fly-by-night operation. This could possibly “right the ship” and prevent major banks like Chase-Manhattan and Bank of America from failing.
Did I just read a conservative argue that the federal government is the people? That government ownership of a company is, at least in one case, a positive thing?
One of them should call Hugo Chavez and tell him all is forgiven.
The truth is, assholes, that unregulated capitalism is a huge mistake. And yes, there’s a lot of regulation in place in the United States. And nearly all of it was developed through trial and error – financial tragedy happened, and regulation was the response, and most of the time, that regulation worked. And no, Bush didn’t manage to gut all the regulations as much as he wanted. But it’s not a coincidence that when people who express opposition to all regulation gain control of the regulatory agencies, and look the other way, and practice nepotism and call it meritocracy, that those regulations suddenly fail to protect like they once did.
The answer is not always more regulation – but the answer is never drowning regulations in the bathtub.