Bailout is no public good

Tibor's Space
by Tibor R. Machan

12/11/08

One of the many benefits of realizing that people are most of all individuals is that they are unique or members of distinct communities, teams, families, etc., all very different, nearly all with their unique goals and attributes. So what is good for some won’t be for others except very rarely. Even medicine acknowledges that cures and fitness programs are often highly specific to those who are to be helped. Once one gets into even more complex areas, like education, careers, living spaces, vacations, nutrition, dress, and the rest of the zillions of concerns of people, uniformity is gone. Sure, all of us need to eat but exactly what is known but ourselves, a few intimates, special consultants, and so forth. There is no general good except in very general terms that need to be spelled out for them to have clear meaning and practical implications...

//tibikem.spaces.live.com/blog/cns!B2FD693F4B9A5746!611.entry



Casino socialism

TCS Daily
by George A. Pieler & Jens F. Laurson

12/11/08

Risk-taking has gotten a bad name, as huge losses for investors large and small undermine our faith in the self correcting power of markets that has held for a quarter-century. As the global recession spreads, blaming free markets has been the knee-jerk response. Free markets are being characterized as unregulated, and therefore both irresponsible, and destructive of citizens’ hard-earned savings and retirement funds. Has the postwar consensus in favor of the mixed economy (market driven economies with variably modest social redistribution) come to an end? If so, what might follow it? The answer, based on a few months’ experience with bailout programs all over the world, appears to go something like this: largely unregulated government bailouts, rampant regulation, and short-sighted policies grounded in panic and ‘actionism,’ rather than reason...

//www.tcsdaily.com/article.aspx?id=121108A


Informant: Thomas L. Knapp



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