Ironic isn't it that her philosophy was adopted by TPTB in charge of our monetary system. And that the policy decisions derived from this philosophy are some of the prime reasons why we have went from the world's largest industrial giant with the most transparent securities markets in history to what we have now: a damned mess where you can't honestly tell who is solvent and who isn't.
She was a crank. Her followers were sanctimonious and self important windbags. And the system her rantings produced is a god damned disaster.
Will
PS: About that crash? Honestly fellows... look at oil prices and production. That was the trigger before. In all likelihood no crash happens until we work our way through the oil that can be recovered at this price point. We ~may~ get a recession that is pretty bad but domestic oil is stabilizing the dollar. That is going to take a few years at least to work through.
Ayn Rand predicted this 50 years ago. The producers need to stop supporting the fiction and allow it to crash. Those of us who lived thru the 50s remember that with 'Dad' being the sole worker (for the ladies, outside of the house) could go to work and support a family of five, pay for a house, save money, buy a car every 4 to 5 years, etc. That same life style, today, now requires two workers outside of the house. The American dollar should come on rolls so that we have a choice we can spend it or use it to wipe our butts.
Jim
You can thank LBJ for the seeds of inflation that wrecked the standard of the stay at home Mom.
Between Vietnam and his The War on Poverty, federal expenditures bloomed and the incredible inflationary period began necessitating two income families.
"The Democrat Party looks like Titanic survivors. Partying and celebrating one moment, and huddled in lifeboats freezing the next". Hatari 2017
"Hokey religions and ancient weapons are no match for a good blaster at your side, kid." Han Solo
Who knows when, but IMO the "It's really slinging it now" moment will come when the Government checks stop coming to the inner city low lifes who have no clue how to make a living and they start roving out past their usual turf to pillage.....
The checks will never stop coming. However, the dollars those checks are redeemed for will steadily purchase fewer and fewer goods, all the while we'll be told by the Fed Gov how wonderful it is that we have a near zero percent price inflation rate ... that based on the annually increasing amount of computing power that one can purchase for one's dollars. Too bad you can't feed your family, run your car, or heat/cool your home with computing power.
Right.
When Totila The Ostrogoth sacked Rome in 546AD the games continued as well as the food subsidies, at least until the food ran out. I don't see our games or checks running out.
Don't vote knothead, it only encourages them. Anonymous
"Never underestimate the power of stupid people in large groups." Anonymous
"Self-reliance, free thinking, and wealth is anathema to both the power of the State and the Church." Derby Dude
Ironic isn't it that her philosophy was adopted by TPTB in charge of our monetary system. And that the policy decisions derived from this philosophy are some of the prime reasons why we have went from the world's largest industrial giant with the most transparent securities markets in history to what we have now: a damned mess where you can't honestly tell who is solvent and who isn't.
She was a crank. Her followers were sanctimonious and self important windbags. And the system her rantings produced is a god damned disaster.
Will
PS: About that crash? Honestly fellows... look at oil prices and production. That was the trigger before. In all likelihood no crash happens until we work our way through the oil that can be recovered at this price point. We ~may~ get a recession that is pretty bad but domestic oil is stabilizing the dollar. That is going to take a few years at least to work through.
Typical liberal response, blame capitalism for the failures of socialism!
Originally Posted by Judman PS, if you think Trump is “good” you’re way stupider than I thought! Haha
Typical liberal response, blame capitalism for the failures of socialism!
I don't think these words mean what you think they mean.
Randian lunacy was the absolute bedrock of the efficient market thesis. Her followers pursued it relentlessly in their quest to deregulate the financial markets. Off balance sheet entities used to hide losses and market manipulation. Mark to model accounting where banks can refuse to acknowledge reality. Unregulated derivatives used to construct landmines scattered across our financial markets. Securitized loans where at times you cannot find a lawful paper trail to determine who actually ~owns~ the underlying asset.
All of this foolishness absolutely impossible under her pet theory. She was not only a crank she was one of the most harmful cranks in our nation's history. Greenspan, Rubin, Summers, Giethner, etc... all Randians and some of the most harmful monetary figures in world history.
The biggest problem with her idiocy is that she didn't look in the mirror. Her idiotic theories ENABLED the biggest bunch of parasites known to come into power: the modern FIRE economy.
Typical liberal response, blame capitalism for the failures of socialism!
I don't think these words mean what you think they mean.
Randian lunacy was the absolute bedrock of the efficient market thesis. Her followers pursued it relentlessly in their quest to deregulate the financial markets. Off balance sheet entities used to hide losses and market manipulation. Mark to model accounting where banks can refuse to acknowledge reality. Unregulated derivatives used to construct landmines scattered across our financial markets. Securitized loans where at times you cannot find a lawful paper trail to determine who actually ~owns~ the underlying asset.
All of this foolishness absolutely impossible under her pet theory. She was not only a crank she was one of the most harmful cranks in our nation's history. Greenspan, Rubin, Summers, Giethner, etc... all Randians and some of the most harmful monetary figures in world history.
The biggest problem with her idiocy is that she didn't look in the mirror. Her idiotic theories ENABLED the biggest bunch of parasites known to come into power: the modern FIRE economy.
Will
You are a typical lib, you blame industry when you should be focusing on the bankers then the politicians!
Originally Posted by Judman PS, if you think Trump is “good” you’re way stupider than I thought! Haha
Typical liberal response, blame capitalism for the failures of socialism!
I don't think these words mean what you think they mean.
Randian lunacy was the absolute bedrock of the efficient market thesis. Her followers pursued it relentlessly in their quest to deregulate the financial markets. Off balance sheet entities used to hide losses and market manipulation. Mark to model accounting where banks can refuse to acknowledge reality. Unregulated derivatives used to construct landmines scattered across our financial markets. Securitized loans where at times you cannot find a lawful paper trail to determine who actually ~owns~ the underlying asset.
All of this foolishness absolutely impossible under her pet theory. She was not only a crank she was one of the most harmful cranks in our nation's history. Greenspan, Rubin, Summers, Giethner, etc... all Randians and some of the most harmful monetary figures in world history.
The biggest problem with her idiocy is that she didn't look in the mirror. Her idiotic theories ENABLED the biggest bunch of parasites known to come into power: the modern FIRE economy.
Will
You are a typical lib, you blame industry when you should be focusing on the bankers then the politicians!
You either haven't read a word I typed or have the worst, the absolute fracking worst, reading comprehension I have ever encountered.
The bankers and the politicians produce nothing! They are parasites that live off the fruits of productive people. The industrialist produce products we all use and enhance our lives. They build factories, hire workers... Business owners are competing in a market that is getting to be more "rigged" everyday by the politicians who are financed by the bankers! There is a huge problem when the people who handle the money "bankers" make more than anyone else. Then when the bankers greed overreaches and the common man suffers the politicians step in and bail out the bankers. Penguin, do you even know what derivatives are and who is dealing in them?
Originally Posted by Judman PS, if you think Trump is “good” you’re way stupider than I thought! Haha
There is NO WAY you could have done so and made a post like that. No way.
Let me give you a hint: Ayn Rand and her crackpot theories were behind the policies that enabled those bankers you despise to attach their parasitic snouts to the produce/consume economy. Her followers ARE the parasites!
How in the hell anyone can defend her while attacking the evils of bankers, politicians, and their unholy alliance is beyond me.
Will, It appears our understanding of Ayn Rand's philosophy is at polar opposites. My understanding is she promoted free capitalism and industry,and considered the enemy to be the bankers and over regulating, excessive taxing politicians.
Originally Posted by Judman PS, if you think Trump is “good” you’re way stupider than I thought! Haha
It appears so ifubar. And tbh I am not sure that chasm in understanding can be bridged. I would encourage you to google Rand, Greenspan, efficient market theory, etc and see where it takes you.
Believe me when I tell you that there was no more important person in laying the intellectual foundation for financial deregulation than Ayn Rand. And there were very few movers and shakers involved in the financial deregulation movement who weren't admirers of hers.
Even after that endeavour ended in a disasterous financial bubble, cosmic meltdown, and the resluting bailouts of every type and stripe the proponents of this movement refuse to acknowledge the flaws in her theory. There is a difference between clearing away unnecessary regulatory underbrush and depending on the inherent ethics of bankers, politicians, and businessmen to prevent fraud. Hell most of the dyed in the wool believers in Rand refuse to acknowledge that unregulated securities markets can even have fraud.
Will, I admit I haven't studied Ayn Rand's philosophy in depth, just at arms length. I am an Austrian school of economics follower. Greenspan, Geitner... are Keynesian followers and that it what I believe got us in this mess.
Originally Posted by Judman PS, if you think Trump is “good” you’re way stupider than I thought! Haha
Ghost, Thanks for that link! Very interesting. It appears my perception of Rand's philosophy is essentially correct? Free markets, capitalism... The shysters will always have a slight advantage in a free market society, until the rule of law or their reputation catches up with them. we are a nation of laws, not men. The liberal collectivism is a cancer that is consuming us and our freedoms. I am having a hard time squaring Will's perception of Rand's beliefs with her own words??
Originally Posted by Judman PS, if you think Trump is “good” you’re way stupider than I thought! Haha
Personally I agree with Will on the regulation of derivatives. You can't expect them to self-regulate on a perpetual 'money machine' (their term) with the knowledge that a bailout is forthcoming in case the shtf....which is exactly what happened in '08.
Just read up on Rand's influence on the men who deregulated the financial markets. Read Greenspan's own words on the subject. He, after all, learned it all from the woman herself. They, like her, had the mistaken impression that capitalism as we know it arose naturally. They believed that without interference, as they put it, fraud could not prosper, it could not maintain itself.
Markets fail in the absence of transparency. It is the achilles tendon of all things anarchist. America became stable and produced a high standard of living only after we imposed transparency on the financial markets. The free market alone will not produce transparency. We deregulated our markets which were the most transparent and trusted markets in the world.
