PDA

View Full Version : U.S. Issues The New Debate About Capitalism


orange
01-22-2012, 03:23 PM
Gary Hart
President, Hart International, Ltd.
Posted: 1/12/12 07:14 PM ET

The current Republican nomination contest has revealed serious confusion over the nature of our economic system. Very conservative candidates are attacking Governor Romney because his experience at Bain Capital involved buying companies with borrowed money, firing their employees, then selling them for a profit. Many, though not all, of these companies then went bankrupt, and Mr. Romney and his partners made millions. Sounding very much like Democrats, Mr. Romney's opponents are highly critical of this kind of capitalism.

Traditional capitalism was based on the idea that business people would invest money, usually borrowed, to establish a business, hire people, and make and sell things. Risk was involved, but jobs were created and profits were made. Traditional Republicans, including those now attacking Mr. Romney, still believe, as do most Americans, that this is the way our economic system should work.

The confusion within the ranks of capitalism is stimulated by the shift in our economy from making and selling things to manipulation of money. The rise of the money culture began a couple of decades or more ago and involves mergers and acquisitions, venture capitalism, leveraged buyouts, workouts and turnarounds, currency speculation, and arbitrage. While the money culture was booming, traditional capitalism based on manufacturing was declining. The national government had to intervene to save what was left of the American auto industry.

The money culture led directly to the housing bubble and subsequent economic collapse in 2008, from which we are still struggling to emerge. Unlike traditional capitalism, it is oriented toward the short term, not the long term, and toward quick profit, not productivity. If tens of millions of dollars can be made in bundling high-risk mortgages and collateralized debt obligations in a few months, why go to the trouble of building a factory, hiring and training workers, and producing a product that is competitive in world markets with profits emerging sometime down the road?

The Tea Party blames our government for this situation, and Occupy Wall Street focuses on the money culture (Wall Street). The government did not create the money culture. And public deficits, so much the focus of the Tea Party, arise from insufficient revenues to pay for the programs, including Social Security and Medicare, that most Americans, including Tea Party members, want. The money manipulators, now the focus of Republican candidates, manage to find intriguing ways, including off-shore bank accounts, to avoid paying fair taxes.

All of this is pretty well-known. What is surprising is that it is now being discovered and strongly criticized by Republican leaders who, up to now, have been silent on this transformation of American capitalism. While struggling to convince the American public that Barack Obama is a socialist, it is very easy to overlook the drift of our market economy away from its traditional roots into something resembling a high-risk, high-rollers', fast-shuffle casino that produces nothing except massive incomes for one-percent insiders. Republican leaders are now welcome to the struggle to return our market economy to its true purpose and original intent.

http://www.huffingtonpost.com/gary-hart/capitalism-debate_b_1203153.html?ref=denver&ir=Denver

*** full disclaimer ***

I worked as a phone canvasser on Gary Hart's Senate campaign when I was in High School. I still think he's the most brilliant mind I've seen in politics. What a shame he was derailed by his little head. You just know he's tasting iron today.

orange
01-22-2012, 03:24 PM
Mitt Romney will make public his tax returns on Tuesday, the candidate announced on Sunday, one day after getting swamped by Newt Gingrich in the South Carolina Republican primary, in part based on Gingrich's attacks on Romney's business track record and wealth.

It was "a mistake" not to simply release the returns, Romney said on "Fox News Sunday," according to reports.

http://news.yahoo.com/mitt-romney-release-tax-returns-165607985.html

orange
01-22-2012, 03:26 PM
When Gov. George Romney released his tax returns in 1968, he handed over 12 years worth of documents. “One year could be a fluke, perhaps done for show,” he said.

Today, Mitt Romney promised he’ll release his tax returns on Tuesday. “We just made a mistake in holding off as long as we did. It just was a distraction.” But he only plans to release his return for 2010 and an estimate of his returns for 2011. That might have been enough prior to the controversy. George W. Bush only released one year of his tax returns. But it won’t work now. As Buzzfeed’s Ben Smith tweeted, “Releasing the 2010 returns is just blood in the water. What about the previous 20 years?”

Romney’s resistance to releasing his tax returns made it look like he had something to hide. Now, he needs to prove that he doesn’t. And to prove that, one year is not enough. After all, one year could just be a fluke, perhaps done for show.

http://www.washingtonpost.com/blogs/ezra-klein/post/mitt-romney-to-release-one-year-of-tax-returns-thats-not-enough/2011/08/25/gIQABpfzIQ_blog.html?wprss=rss_policy

ROYC75
01-22-2012, 03:30 PM
The USS Romney took a severe hit but is now turning it's big guns around to attack Newt.

Taco had an interesting take on the race, if Newt, Rick & Mitt continue to win states here and there, Paul will be as much a candidate in other states.

Super Tuesday could really be crazy if Newt can somehow get some states to cast write in ballots.

But Va took a major hit on Newt.

Mr. Flopnuts
01-22-2012, 03:41 PM
I saw something online earlier to the effect of "it's amazing how easy it is for a couple of hogs to herd thousands and thousands of sheep, with only the slightest hope that 1 or 2 of those sheep may one day get to roll around in the mud with the hogs". Pretty fucking spot on if you ask me.

Jawshco
01-22-2012, 04:13 PM
I hate the fact that my extreme dislike for Newt is making me root for Romney, but Mitt is a better version of a similar candidate IMO. The fact that both Newt and Santorum are still in the race because of their recent victories is annoying. I was hoping it would be all Romney vs. Paul by now.

KCTitus
01-22-2012, 04:28 PM
Meh...no true conservative is going to talk about 'vulture' capitalism or use the trite mantra's of the left. Im not really happy with any of the candidates and the more I look at Newt, the less I like.

I didnt like Romney last time and Im still not a fan.

Im starting to think that the 'new' debate is do we go Fascist or Socialist?

The essay is funny...I can see it's written from the premise that the market has gone haywire and the 'national government' has had no impact except to 'rescue' the auto industry. Good stuff...

BucEyedPea
01-22-2012, 05:56 PM
The USS Romney took a severe hit but is now turning it's big guns around to attack Newt.

Taco had an interesting take on the race, if Newt, Rick & Mitt continue to win states here and there, Paul will be as much a candidate in other states.

Super Tuesday could really be crazy if Newt can somehow get some states to cast write in ballots.

But Va took a major hit on Newt.

Or the GOP Establishment could crown their man Jeb Bush with a brokered convention.
Maybe this is why they really did away with winner-take-all?

Chiefshrink
01-22-2012, 06:49 PM
The USS Romney took a severe hit but is now turning it's big guns around to attack Newt.

Yeah right, Romney can't even define Conservatism:rolleyes: And if he does go after Newt it will only hurt him more:shrug:

BucEyedPea
01-22-2012, 07:45 PM
Yeah right, Romney can't even define Conservatism:rolleyes: And if he does go after Newt it will only hurt him more:shrug:

It's funny how stupid South Carolinans are when you read they think Newt is the Tea Party candidate. Lol. He's a progressive just like Willard.

mlyonsd
01-22-2012, 07:54 PM
The problem with this op of course is Hart points his finger at just the republicans to fix 'captialism'.

And he doesn't point out that democrats dont really wany to fix it, but instead are hell bent on changing us into a socialized society.

The fart in the room is how democrats evolved into giving up on middle class workers.

HonestChieffan
01-22-2012, 07:55 PM
Gary Hart? How low do you go?

BucEyedPea
01-22-2012, 07:56 PM
Well, capitalism doesn't need fixing by govt...it just needs govt out of the way.

Cave Johnson
01-23-2012, 10:36 AM
[INDENT][INDENT]*** full disclaimer ***

I worked as a phone canvasser on Gary Hart's Senate campaign when I was in High School. I still think he's the most brilliant mind I've seen in politics. What a shame he was derailed by his little head. You just know he's tasting iron today.

In Gary's defense, Donna Rice was a hot POA.

http://img819.imageshack.us/img819/9818/76736585.jpg (http://imageshack.us/photo/my-images/819/76736585.jpg/)

Cave Johnson
01-23-2012, 10:38 AM
Well, capitalism doesn't need fixing by govt...it just needs govt out of the way.

Fantastic, more pithy axioms.

Hedge funds and VC firms profit from accounting rules, government policies toward taxation, and a whole host of other factors. And we're not reverting back to the robber baron days, sweetheart, so get used to it.

patteeu
01-23-2012, 10:42 AM
Fantastic, more pithy axioms.

Hedge funds and VC firms profit from accounting rules, government policies toward taxation, and a whole host of other factors. And we're not reverting back to the robber baron days, sweetheart, so get used to it.

That post would get you banned at Patriot's Planet. Fortunately, CP hasn't gotten there yet.

BucEyedPea
01-23-2012, 10:45 AM
Fantastic, more pithy axioms.
axiom=a self-evident or universally recognized truth; a maxim:thumb:

Hedge funds and VC firms profit from accounting rules, government policies toward taxation, and a whole host of other factors. And we're not reverting back to the robber baron days, sweetheart, so get used to it.
There weren't any Robber Baron days. Those are progressive and socialist myths. Some, if not most of those, were mercantilist days—not free-market capitalism.

When your system fails, as it currently is here and in Europe and as it did in the Soviet Union we will go back to a true free-market system.

BucEyedPea
01-23-2012, 10:46 AM
That post would get you banned at Patriot's Planet. Fortunately, CP hasn't gotten there yet.

:BS:

I think you need to look at what you were really doing over there including your cyber stalking to get what you got there. It had nothing to do with a certain word that's for sure.

patteeu
01-23-2012, 11:16 AM
:BS:

I think you need to look at what you were really doing over there including your cyber stalking to get what you got there. It had nothing to do with a certain word that's for sure.

Get over yourself. No one was cyberstalking you, honey.

BucEyedPea
01-23-2012, 11:17 AM
Did you say something sweets?

I ain't falling for your let's pick-a-fight bait.

orange
01-23-2012, 11:46 AM
Get over yourself. No one was cyberstalking you, honey.

You were cyberstalking Amnorix?

banyon
01-23-2012, 09:07 PM
In Gary's defense, Donna Rice was a hot POA.

http://img819.imageshack.us/img819/9818/76736585.jpg (http://imageshack.us/photo/my-images/819/76736585.jpg/)

C'mon, that's not the photo.

You gotta get that classic t-shirt in there:

http://upload.wikimedia.org/wikipedia/en/thumb/4/42/Donna_Rice_and_Gary_Hart.jpg/220px-Donna_Rice_and_Gary_Hart.jpg

BucEyedPea
01-23-2012, 11:20 PM
You were cyberstalking Amnorix?

He was definitely doing that. He went over there to troll.

Taco John
01-23-2012, 11:41 PM
Fantastic, more pithy axioms.

Hedge funds and VC firms profit from accounting rules, government policies toward taxation, and a whole host of other factors. And we're not reverting back to the robber baron days, sweetheart, so get used to it.

lol

"Fantastic, more pithy axioms. I'm so offended by pithy axioms that I'm going to throw out a couple slogans myself."

Classic!