Archives Philosophy Politics — 12 March 2012
Vulture Capitalism: The real evil bankers are the government cronies.

Excerpts from a solid article by John Stossel from Reason Magazine, March 8, 2012

…..“Greed” means you want more for yourself. Fine. If you obtain it legally, without force or privilege—say, by buying a business and making it more efficient, or shifting resources to where consumers prefer them—that is a good thing…..

….The real evil bankers are the government cronies, like those at Fannie Mae and Freddie Mac. They took our money by force, our taxes, then paid themselves fat salaries and promised us that none of our money was at risk. And then they squandered more than $100 billion, betting that housing prices would always rise and few people would default….

….in a real free market—no government privileges or barriers to competition—capitalism is great. It’s the only system with a moral core because it’s based on freedom, not force.

Read full story at Reason Magazine here.

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