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Edited on Tue Oct-04-11 07:17 PM by Cool Logic
Lord Acton said it best... If there is any presumption, it is the other way, against the holders of power, increasing as the power increases. Historic responsibility has to make up for the want of legal responsibility. All power tends to corrupt and absolute power corrupts absolutely. Great men are almost always bad men, even when they exercise influence and not authority.
Money is power; or alternately, a means to acquire power. Thus, when politicians, whose sole objective is to acquire power, have the ability to spend, they will.
If the SSTF had been managed by people actually cared about the People, they would have evaluated and adjusted to the factor of Boomer demographics. But the People's Representatives didn't care about that. The only thing they were concerned with was how to enhance their own power.
American workers invested a $2.7 Trillion (surplus) in the SSTF. The SSTF trustees took this cash and gave it to Congress in exchange for Treasury Bonds. Congress took the money and spent it on votes. However, Congress did not combine these activities with the general fund and treated it as an off-balance sheet liability (sound familiar). Now, American workers must ante up another $2.7 Trillion, to "service" this liability. How ‘bout them returns?!
We saw the results off-balance-sheet accounting had on Enron's employee retirement plan. Why anyone would support the fedgov's policy of employing the same accounting practices in managing the SSTF is beyond my realm of comprehension. Enron’s execs went to jail, as did Bernie Madoff. However, those who looted the SSTF merely laugh it off. And now that Enron's former lobbyist works for the Federal Reserve, the laughter resonates anew.
Capitalists seek to limit freedoms.
On the contrary, Capitalism is the only economic system that is compatible with freedom, for in a capitalist society, all human relationships are voluntary.
Back to the SSTF: Those who were swindled by Madoff, had a choice; the worker who was swindled by the SSTF did not. In a free society, people are not forced to deal with one another. However, in a state controlled society, coercion and force are standard operating procedures. Whenever an individual is made to act without their own personal voluntary consent, their rights are violated.
My belief in Capitalism is not founded on hope or wishing; bur rather, on reason and morality. In nearly every case that has been used statists as an indictment of free enterprise and as an argument for a government-controlled economy, it was determined that the transgressions were made possible by government intervention in business. The evils, popularly ascribed to big industrialists, e.g., Taft-Hartley, Smoot–Hawley, were not the result of an unregulated industry, but of state power over industry. The villain was not the Capitalist, it was the legislator--it was not free enterprise, but state coercion and force.
Indeed, nearly all "Capitalist" countries are mixed economies. Likewise, most countries that are referred to as being socialist are mixed economies as well. And it is the Capitalists who provide the means for paying for the socialism.
I too, thank you for the rational exchange of ideas. For very few people on DU are advocates of Capitalism, and on occasions some are dreadfully inhospitable.
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