Unfettered capitalism bad

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Capitalism has been a force for progress in the world. It has lifted millions of people out of poverty and created a vibrant middle class.

However, unregulated capitalism is not an unalloyed good. Left alone, it is not simply a wealth-generating system. It is a wealth-concentrating system, in which the extremely rich own a vastly disproportionate amount of the wealth and exercise a disproportionate amount of political influence, with which they get steadily more wealthy and own more and more of the country.

It may sound like a cliché, but the rich get richer and the poor get poorer.

Americans lived through the so-called Gilded Age of unregulated capitalism from the late 19th century to the early 20th. This time was characterized by extreme poverty in the lower classes and extreme wealth in the upper. An unregulated stock market caused the Crash of 1929, Bush-era deregulation led to the economic disaster in 2009 by extension, and the Great Recession that we’re still climbing out of.

It took so-called “Socialist legislation” such as the New Deal to create the national prosperity and vibrant middle class that characterized the mid-20th century.

During the 1950s, a time virtually everyone (especially conservatives) idolizes as a period of American prosperity, the top 10 percent owned about a third of the nation’s wealth. As Nobel laureate economist Joseph Stiglitz has noted, today the richest 1 percent of Americans own 40 percent of the wealth, whereas the bottom 80 percent own only 7 percent.

Again, capitalism is the best economic system the world has yet seen. But history shows that it works best when tempered by sensible government legislation.

Daniel Barden

Martinez

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ymnbde
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ymnbde 02/06/14 - 06:03 am
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a conspiracy of O'fetterers

unfettered lies get copied and pasted
while the truth is cut, fettered, and edited for the O'gullible
Bush-era deregulation led to the great recession?
that is truly one- copied, pasted, and unfettered
you're supposed to paste that wars caused by Bush caused the great recession and Reagan era deregulation caused all the other ills... bit of a pasting error there
in reality, the housing bubble, caused by democrats using banks for social engineering (instead of education for social engineering, but education is hard) triggered a process that caused the great recession
there are several actual "books" that show this, one very good one is
"Reckless Endangerment" by Gretchen Morgenson
capitalism has not been "unfettered" in this country in almost 100 years
it is the "fetterers" who are the 1%, those that control the "fettering" process
the "conspiracy of fetterers" who reside within 50 miles of Washington DC
the rich get richer, and the poor get less poor, if capitalism is controlled by greater things, as it was during the 1950's
such as morality and work ethic and Christian values
(yes! the values upheld by the practice of Christianity! they make society better!)
based on ability to acquire the basic necessities of life
the mixture of Capitalism and Christianity has solved poverty, in this country
but not based on the jealous comparison to your neighbor
while i may have a responsibility to feed your child and pay taxes so the government can fraudulently educate your child, and maybe feed a few adults
i don't have a responsibility to cure your envy

carcraft
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carcraft 02/06/14 - 06:29 am
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Ymnbde, great response, don't

Ymnbde, great response, don't forget, every, that Christians also ended slavery.

Junior Dawg
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Junior Dawg 02/06/14 - 07:18 am
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ymnbde

Great response, but the liberal mind set can't be changed. Our country is no where near pure capitalism and is being destroyed from within by progressive ideas that don't work. Unfortunately the government oversight the writer wants is already in full bloom, destroying the private sector and millions of jobs in the process. But again, liberals will never be able to see reality.

localguy55
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localguy55 02/06/14 - 07:42 am
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To correct you on one aspect

To correct you on one aspect Daniel, the "New Deal" did not do anything to re leave the depression, it was entering WWII that brought on the retooling of industry. The "New Deal" hindered the recovery.

As for unregulated capitalism, I would settle for unregulated as opposed to crony capitalism any day of the week.
There will always be those able to use their talents to achieve more than others, not in the illegal sense of the word but using their wit to produce a product or service that people are willing to buy. And then there will be people willing to use their labors to work for such intuitive people. When it comes to human achievement, there are layers of success. Some will rise to the top others will find their place somewhere below that level. That is the nature of man.

lovingthesouth72
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lovingthesouth72 02/06/14 - 08:33 am
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But worse..

Greedy government and socialist policies are worse. Obama's America is a failure. Elections have consequences, these last two have screwed us all. Go to Texas, where there is a stare budget surplus of billions thanks to conservative policies that allow businesses to grow, employ people and prosper. Socialism destroys.

JB68
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JB68 02/06/14 - 08:49 am
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I believe today we are closer

I believe today we are closer to unfettered regulation!

Scratch
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Scratch 02/06/14 - 09:06 am
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Another Good Source

You said it (just about) all, Ymnbde! Another great source for our letter writer is "America's Ticking Bankruptcy Bomb" by Peter Ferrara. Not only does Ferrara address the true causes of the recession, including some big time missteps by former President Bush so it can't be criticized as radically partisan, but he poses many different actions necessary to save the country from the impending disaster. As for the rich getting richer and the poor getting poorer, the truth is that the rich tend to have different names every so often. Individuals tend to migrate among the quintiles, even the poor. What we don't need are gov't programs that stifle ability to migrate upward, like actively encouraging citizens to enroll in the food stamp program.

Dixieman
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Dixieman 02/06/14 - 09:17 am
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Sad

Letter is full of inaccurate history and erroneous economic theories. The private sector is better at dealing with any problems -- any problems -- than the government. Gilded Age was actually a very prosperous time for all Americans and the New Deal did more harm than good. Would you rather take a problem to DMV or to customer service desk of a private company that has to compete for your business?

teaparty
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teaparty 02/06/14 - 09:21 am
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"It took so-called “Socialist
Unpublished

"It took so-called “Socialist legislation” such as the New Deal to create the national prosperity and vibrant middle class that characterized the mid-20th century."
Mr. Barden, it is obvious that you do not understand history. The 'New Deal' was what PUT the GREAT in our depression. In 1929 the world went into a depression by 1936 most countries except the US was out of the depression. FDR's New Deal make our country's depression even worse and we did not come out of it until WWII.

Bizkit
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Bizkit 02/06/14 - 09:51 am
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Let's see which has killed or

Let's see which has killed or really suppressed the most people-unfettered capitalism or unfettered communism?

Little Lamb
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Little Lamb 02/06/14 - 09:58 am
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Fetters

JB68 is on the right track up above.

Sure, unfettered capitalism is not perfect. But it's a whole lot better than unfettered government!

It's a whole lot better than this crony capitalism (aka fascism) that we're living under now.

deestafford
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deestafford 02/06/14 - 10:10 am
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ymnbde, excellent response.

ymnbde, excellent response as well as the others. Do you remember the depression of the 1890's? How about the 1920's? Of course, you don't because being the natural part of capitalism the government did nothing when they occurred and they were short lived. When Pres Coolidge was asked what he was going to do about the depression in the '20's he said he would do nothing and it was not the government's place to get involved. It lasted only a short time.

Along comes Hoover and FDR and the mild recession and the stock market crash and they jumped in with both feet and made the recession into the GREAT DEPRESSION. As a matter of fact it was not the stock market crash that caused the depression. The unemployment rate was declining until FDR implemented his policies and then it sky rocketed. He made it worse and started people on the dole of Uncle Sugar's teat.

Contrary to what many of us think it was not WWII that brought us out of the Great Depression because if you remember it was nearly all government spending that was pushing the economy during the war. As most of us know government spending puts us further in debt and does nothing for long term recovery.

What many don't know is that Truman wanted to implement many of FDR's policies as a way to recover but the Congress kept that from happening and the economy took off as a result of the energies of the returning soldiers and the soaring free enterprise system at work. During that time the government was not that focused on controlling peoples lives as they were rooting out Communism which was borrowing into our institutions of government.

One area not covered much in the history books and many are ignorant of is how liberal Truman was and how he wanted to be carry on FDR's policies. He is remember only for his image of straight talk and not his policies and philosophies.

If there is a better system than capitalism it has been hiding for hundreds and hundreds of years and still has not stepped forth.

Our regulated "semi-capitalism" brought to us by the Obama administration and the other leftist socialistic democrats is what has made us 12th in the world on the economic freedom scale.Yeah! We're Number 12!!

nofanofobama
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nofanofobama 02/06/14 - 10:37 am
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it takes a progressive

it takes a progressive liberal to believe that re-shuffling of money makes wealth...it does not...as stated earlier our 1930 depression was extended by FDR and his policies..it may have felt decent but it didnt work...remember it was dear nancy polesi that said food stamps etc are a stimulis for the economy....the only thing the will grow the economy is when wealth is created....it takes money above the neccesities of life (food, clothing,shelter) which we will call it descrentionary income where people can buy products that include tv, cars, vacation homes, anything and everything that makes life better...take extra vacations ,eat out, movies, sporting events etcs.. buy investments, etc....this income grows the economy and creates jobs...not spending on the basics of life..for leaders to say such nonsense is disturbing and stupid.....

Bizkit
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Bizkit 02/06/14 - 11:08 am
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Nofan you hit it. They move

Nofan you hit it. They move money around and make a turd smell like a rose. Like you may qualify for a subsidy for your new more expensive ACA healthcare, but that is really negated by all the new higher taxes you pay elsewhere=net loss. Like hiding a bean under one of three cups and moving it around-it's all a ruse and deception. Oh wow look I'm getting a check from the federal govt-Holy crap my 2014 income taxes are astronomical!!!!! These taxes will continue to increase the next five years. All this for a supposed 100 billion dollars in ten years which now the CBO says will be 1 trillion in the hole.

Bizkit
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Bizkit 02/06/14 - 11:14 am
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Given this information from

Given this information from the CBO, which Obama has heralded in support when it supported his posits, shouldn't Obama and the Dems admit the law will fail and do nothing as promised (in fact the opposite) so time to go back to the table for another approach? It would be insane to keep going on a course of failure-that would be grossly irresponsible and only a pathological nutcase would allow such economic failure and health care failure because of some ideology of fairness or some social reform.

Truth Matters
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Truth Matters 02/06/14 - 01:17 pm
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"exercise a disproportionate

"exercise a disproportionate amount of political influence"

So true, thanks to Citizens United and the SCOTUS, money is free speech. I wonder just what someone like a Sheldon Adelson "was speaking" in return for the $100 million he reportedly spent on the 2012 campaign. For one individual to give that much money even Ray Charles can see that he expects something in return. My guess is we would be at war right now with Iran if Gingrich or Romney had won.

Bizkit
34358
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Bizkit 02/06/14 - 02:02 pm
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Wow Truth, you mean we could

Wow Truth, you mean we could have fought Iran before they built nuclear weapons as is likely the future scenario? They already have a strong military and would have been difficult to defeat but once they have nukes then all bets are off. Like it is inevitable-given Iranians history of violent rhetoric, actions, and supporting terrorism globally.

Pond Life
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Pond Life 02/06/14 - 02:39 pm
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"My guess is we would be at
Unpublished

"My guess is we would be at war right now with Iran if Gingrich or Romney had won."

As opposed to starting a war in Libya, and continuing a war in Iraq and Afghanistan? Not to mention the class war our current President is fighting with great ferver.

And just what have either of those men done or said that would lead you to that guess anyway? I'm sure you're not making generalizations based on what someone else has done or said are you?

David Parker
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David Parker 02/06/14 - 03:03 pm
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It'll never be Galt's Gulch,

It'll never be Galt's Gulch, but LL is right, there are better things than the crony/corporate capitalism we have currently. Remind me again, was it the postbellum southern sharecroppers or those with vouchers at the company store that made up the vibrant middle that was referred to? ;)

dichotomy
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dichotomy 02/06/14 - 03:19 pm
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Unfettered capitalism is the

Unfettered capitalism is the only TRUE capitalism. Anything else is crippled capitalism. Which brings us to Obama and the Democrats and what we have today. 11% TRUE unemployment rate. Lowest labor participation rate since Jimmy Carter. 47 million people on food stamps and climbing. The number of people on Disability DOUBLED. And EVERY social welfare program, especially Obamacare, being paid for out of the pockets of the MIDDLE CLASS.

nofanofobama
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nofanofobama 02/06/14 - 03:20 pm
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the crony/corporate

the crony/corporate capitalism that DP referring to surely must mean obumler and all those bankrupt green companies that recieved billions of taxpayer dollars...but i dont get it ...wall street has exploded to all time high under obumler and quey 1 2 and 3 that has pomped in trillions in to a stock market while ignoring main street...yet the dims say its the republicans who are bed with wall street...go figure ...but its no surprise for its the same group that gave us "you can keep your insurance" obumler...its always big business type that worship big govt types...big govt stifles competition...which is good for big business...

teaparty
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teaparty 02/06/14 - 04:01 pm
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"One area not covered much in
Unpublished

"One area not covered much in the history books and many are ignorant of is how liberal Truman was and how he wanted to be carry on FDR's policies."
Truman formed the GSA, one of the largest gov't agencies, it has license to steal and steal they do.

David Parker
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David Parker 02/06/14 - 04:09 pm
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That would be accurate.

That would be accurate. Money doesn't discriminate

responding to the point that both dems and the gop are represented in cc

itsanotherday1
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itsanotherday1 02/06/14 - 04:11 pm
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The only thing the writer got

The only thing the writer got right was his title. Unfettered capitalism IS bad, but we have nothing of that sort.

localguy55
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localguy55 02/06/14 - 04:15 pm
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As for Truth Matters Comment

Being at War and on the offense is much better than reacting to hideous attacks on our homeland as a result of blundering Isolationism.

We did not start these conflicts but they have been thrust upon us. If we stand by and let nefarious things go in other countries, the results will come home to roost in our back yard.

I don't give a damn why they hate us, they just do, and it is in our best interest to stay on top of these animals. To pull back and sit by while our enemies build WMDs is totally irresponsible and will get Americans killed and more than likely here.

Darby
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Darby 02/06/14 - 11:52 pm
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"My guess is we would be at war right now

with Iran if Gingrich or Romney had won."

.
And the nuclear terrorism and blackmail we are soon to see from Iran would only be a missed opportunity for Tehran's hierarchy rather than the unavoidable consequence of OzBama's, Kerry's and Hillary's failed diplomacy.

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