![It’s About Freedom]()
by Linda Morgan
Arthur Brooks, at The Wall Street Journal suggests that there’s a bit of a culture war going on about the future of capitalism. The headline suggests that “The Real Culture War Is Over Capitalism “
There is a major cultural schism developing in America. But it’s not over abortion, same-sex marriage or home schooling, as important as these issues are. The new divide centers on free enterprise — the principle at the core of American culture.
I dare suggest Brooks in this quote, has this exactly backward. He’s pointing at a symptom and labeling at the root cause. Not that I blame him, really. It’s been so long since we’ve dealt with things on the level of principle that even the more learned among us get it garbled in translation.
I agree with Arthur that this is a war that is cultural in its nature. However, the war over capitalism, as he calls it, is part of the war on culture because capitalism in its truest sense can only exist in a free society, which is a culturally generated condition. It is the product of a particular variety of culture that… (at least until recently)… we here in these United States have been blessed with. What I am suggesting is that the principle at the core of the American culture is in fact freedom, of which capitalism is a product.
While it is true that there are a few places in the communist world, China for example, where capitalism raises its head in some form, it is diluted in the extreme. It is in fact, capitalism in name only. Alas in the view of many, a goodly number of which were out on the front lines of the tea party protests last month, that kind of weak as dishwater capitalism, capitalism in name only, is the [...]
by Art Smith
As I've been listening to and contemplating the whole discussion around "spreading the wealth", it's occurred to me that when the wealth is being spread, there's more than just wealth that gets spread.
That's right, the poverty gets spread too.
Of course, calling it "spreading the poverty" might seem too severe, but here's the thing: people have poverty, wealth, or something in between. If you spread one, you spread it all.
My preference now is to think of it as "spreading the mediocrity". As we discussed in the past, providing equal access to economic resources ("spreading the wealth", or "wealth redistribution") is going to lead to a society that is motivated to meet the status quo, to do just enough to get by, to even lower itself to ensure that there is just enough work to either[...]
by Art Smith
The Dow had it's record highest point gain today up almost 940. Although it was up a bit today, Oil prices have been retreating and have been steadily below $90/bbl for several days. And have you noticed the price of gasoline has also been declining?
Of course, we all know it's not over yet, but it's good to see some positive signs. Unfortunately, the price of diesel fuel has not come down with trhe price of gasoline, apparently due to supply issues worldwide. And this will keep the price of consumer goods general higher. Seems like[...]
by Fersboo
My mother called me this morning. “I’ve been worried about you. Are you okay?”, she asked. I told her that I was fine; that you only lose when you sell. Which got me thinking…What rules should investors employ in this market? You only lose...
by Fersboo
All right, perhaps panic is too strong a word, but my goodness, it certainly does feel like one. The Dow Jones Industrial Average fell 5% today and is now down 30% since January 1. The S&P 500 is down 33.7% year to date and the NASDAQ is off 35.6%. This is indeed a bear market, but there is nothing rational about it whatsoever.
The sell off appears to be about nervousness investors are feeling about the future, the global economy, the bailout, corporate earnings. I try to keep a cool head, but the Dow is down 800 points in two days and even I wonder where it's going to end. Then I remember what Warren Buffet said...
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