Forum Post: You've people got it backwards. Capitalism calls for insolvent banks to fail. Socialism calls for them to be bailed out.
Posted 13 years ago on Oct. 13, 2011, 8:42 p.m. EST by ronald87
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If you think the movement calls for socialism, you haven't been paying attention.
LOL at this post. CAPITALISM CALLS FOR MORE MONEY IN POLITICS. We don't want money in our elections, plain and simple. Everything else just comes after that.
You want to be poor?
YES I WANT TO BE POOR. Seriously, your lack of critical thinking is annoying. This is why conservatives get me on such edge, they repeat mindless catch-phrases without stopping for even one second to think about the deeper meaning of a conversation.
Capitalism is more a system of moral philosophy that grew out of the English Enlightenment in the tradition of Hobbs, Hume and Locke. Capitalism is all about your right to succeed and to reap the bitter consequences of failure. Insolvent banks should be allowed to fail (Sheila Bair, former head of the FDIC, and one of the few knowledgeable people at the helm during the (continuing) GFC). Equity holders (stock holders) need to be wiped out. Bond holders should take a hair cut and get a debt-for-equity swap. While professing allegiance to the "free market and capitalism", in reality, people like Tim Geithner, Hank Paulson, Austin Goolsbee, Christine Romer, Larry Summers etc. are terrifed by the seeming anarchy of true open market capitalism. True capitalism can be harsh and unforgiving: if you win, you win big, if you loose, you loose big. Even the most ardent partisans of capitalism, Schumpeter, F. Hayek, felt there was a place for social insurance and a social safety net.
Socialism for banks and other private corporations is just a cute but meaningless meme. What we have going on is something else entirely.
And the more bailouts the more taxes they take. Soon we have the government running everything
Nope.