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Laissez-faire Is Dead
Capitalism is based on harnessing human greed, and channeling it into socially-positive purposes. But like all human defects, greed can easily get out of hand. Let's look at the past 30 years:
The savings and loan industry collapsed in the early 80's, requiring a multi-billion dollar bailout.
The bursting of the tech bubble in the late 90's led to multi-trillion dollar losses and a mini-recession.
There was a wave of corporate corruption scandals in the early new millennium: ENRON, Worldcomm, Global Crossing, Tyco, and HealthSouth to name just a few.
Now the housing bubble and the collapse of the financial sector has created a world-wide recession and the worst economic crisis since the Great Depression.
It's patently clear that business, when not sufficiently supervised, will get out of hand and lead to disaster. The economic game needs a referee. The idea that if business is left to their own devices things will magically work out for the best is a religious notion that real-world experience regularly disproves. Adam Smith is a false prophet. The Invisible Hand is a false idol. And whose hand is it? Mammon's.
Stephen Van Eck
Questions For Our President
Mr. President, why are you allowing us, the American citizens, to ask why?
For years no one was asking, or getting answers. Did anyone ask?
Why did you allow this to happen, Mr. President? Can you answer? This is the first time I have ever had the opportunity to ask why to my president, and for sure he will get the question.
Maybe it is too late for questions, Mr. President, thanks for allowing America to ask and be heard.
I hear some nutty questions, like why spend so much money for poor people? Why have you not done more already? Why was the other president not stopping the free-fall of our country's economy? Was it his fault, or yours? Can I help you, Mr. President?
Wait, that's not such a nutty question.
Peter A. Seman
Great guy, old Amerigo, he got the whole continent, the Americas, named after him. All the other jerks like Columbus, the pilgrims, the Scandinavian guys, and a few others got very little recognition, Columbus, Ohio. Ponce Deleon got very little, if any, named after him. And so it was with other adventurers, who came to the so-called New World. Well, it was not new, been here a long time.
Now the West Coast was entirely different, all Spanish except Seattle, but then the entrance to Puget Sound was call the Straits of Juan De Fuca, so those Spanish guys were all over the planet, and why not, they had the Spanish Armada going for them.
I don’t pretend to be a historian or any other great name, just old Hayden Aldrich, blowing his horn, and acquired most of my information from traveling.
Great Bend, PA
TO THE EDITOR POLICY
Thank you, Susquehanna County Transcript
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