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400 Comments
- inactive, on 04/02/2008, -19/+194Typical keynesian *****. If you keep bailing these ***** out they're going to keep taking risks.
- rancemo, on 04/02/2008, -47/+207A true capitalist wouldn't take government bailouts or use government to gain an advantage over competitors. This is typical socialist ignorance.
- FreeStater, on 04/02/2008, -47/+206Has nothing to do with capitalism.
- inactive, on 04/02/2008, -11/+167The comic forgot to mention the $10 million severance package to resign...
- JAVandiver, on 04/02/2008, -31/+149You are correct. All of the socialists on digg really do not really care. Under true Capitalism there would not be a bail out.
- laserblazer, on 04/02/2008, -1/+69It's not a risk when they know that any losses will be socialized and any profits will be privatized. They're defrauding us with the help of the ubiquitous traitors in Washington.
- fr0ng, on 04/02/2008, -12/+79Capitalism is a good thing, when it is practiced correctly.
- Peko, on 04/02/2008, -3/+59If what you say is true, the marketplace sees a lot of fake capitalism.
- 0rthogonal, on 04/02/2008, -4/+58This is an example of Corporatism, not Capitalism
- SickMonkey, on 04/02/2008, -5/+45That's the problem with US capital markets today. Instead of investing in companies for long term growth and profit, you have investment banks/funds chasing a quick buck in highly leveraged derivatives, commodities, mortgage backed securities, etc... And, if a CEO wants to take a $100 million bonus for bankrupting a company and leaving it in shambles, that's OK too.
I'm no fan of government regulation, but when you have these kinds of shenanigans going on, forcing multi-billion dollar government bailouts to keep the markets from collapsing, it's time to pull the plug. These types of speculative investments are of no benefit to the economy and do far more to harm it than help it. - warispeace21, on 04/02/2008, -1/+40I wish I owned a business where all my losses would be covered by taxpayers.
- inactive, on 04/02/2008, -15/+51i think you're confusing capitalist with banker. Two completely different things...
- RC212V, on 04/02/2008, -0/+33Absolutely right. By bailing out these companies they have created an environment where CEO's in big business are going to bet the farm every time. Why? If they lose they'll get bailed out, if they win they'll make themselves insanely rich.
Basically it would be like if you were giving a couple hundred thousand dollars of other people's money to bet in Vegas. If you lose all of that money the government would bail you out and make sure that those people didn't lose everything. In the meantime you'd get a severance package. In that situation everyone is going to bet big every time.
No wonder we had these CEO's making these reckless investments. The consequences for being wrong were just too low. - CaptMonkey, on 04/02/2008, -4/+36Better to possibly destroy part of the economy once and make an example out of them than bail them out so they, and people like them, can threaten the economy over and over.
- Plasmatica, on 04/02/2008, -4/+36You people and your ism's.
- kcdstudios, on 04/02/2008, -2/+30It is true. Few people are brave enough to take off the training wheels. Banks especially.
Seriously, ***** banks. - notque, on 04/02/2008, -4/+29But it isn't a free market for everyone else. It's a state controlled economy based on tax dollars to government. It doesn't remotely resemble a free market, even for everyone else.
- casuallyevil, on 04/02/2008, -4/+29Agreed - Pure Capitalism is by necessity the separation of the state and the economy. The shareholders are supposed to decide what the bankers' pay packages are and who gets them- and only they are supposed to be subject to the risks inherent in their decision. The government bailout is actually a socialistic intrusion on capitalism -- the target of this comic's attack is backwards. John Galt, anyone?
- Bodhinature, on 04/02/2008, -7/+32Yes, this clearly a case of Corporate Socialism. Socialism to benefit the rich and free markets for everyone else.
- Dadgumit, on 04/02/2008, -6/+30It amazes me how ignorant people are. All forms of government and economies have their corruption and inefficiency. Socialism and Communism, or any form of price control are far worse than capitalism. This is clearly evidenced by the inability of these economies to remain viable.
IMHO, the ability of a society to thrive, is inversely proportionate to the amount of corruption it allows. No one said, capitalism is without corruption, but free markets (if not impeded too much by governments or monopolies) will correct themselves by punishing corruption in the long run. That is, so long as the people who participate don't reward stuff like this.
In conclusion, if you don't like stuff like this, don't give your money to people who foster it. For instance, I don't like cheap crap, ignorant service, and Chinese goods, so I don't shop at Wal-Mart. - pintomp3, on 04/02/2008, -10/+34true capitalism is like true communism. they only exist in theory. once you introduce human factors like greed, they fall flat. in reality, those with power influence the government to work in their favor. that's why neither system works in it's purest form. true capitalism is like having a street with no police and assuming there will be no crime.
- Clobbersaurus, on 04/02/2008, -7/+30No, the implication is that corrupt incompentent douche bags should not be rewarded for being corrupt incompetent and douchey.
- Tunguska, on 04/02/2008, -8/+30If it's not capitalism... this must be madness.
- VinceNoir, on 04/02/2008, -5/+25I've been saying this for about a decade now. But I usually get moderated down (on Slashdot and now Digg) because I also pointed to the fact (as far back as 1998) that the U.S. is failing in the same exact way that the U.S.S.R. did. Even though the U.S.S.R. failed due to a political system and the U.S. is dying under an economic system that has its talons in the political system, it's for the same reasons: greed, and in general some pigs being more equal than others.
In the U.S.S.R. the more equal pigs were government officials. In the U.S. it's CEOs and upper level managers or presidents of companies. They, just like their counterparts in the U.S.S.R. really only care about getting what's best for them. In the U.S.S.R. the staunch citizen supporters of communism were duped into thinking that the system would work itself out and they'd get their day of power too. Here in the U.S. the staunch supporters of capitalism believe that one day they too will be rich and powerful if only they work at it. But anyone who speaks negatively of capitalism gets roundly criticized by it's insane supporters. Even in the face of it's collapse.
Mark my words, the U.S. is headed for the most troubled period it's ever experienced in it's 200+ years. I'm not looking forward to it at all, but there's far more wrong here now than there ever was before and it's going to come to a head. You will see some pretty bad things happening on U.S. soil in the next two decades. The U.S. will not resemble anything even remotely similar to the glory days of the mid 20th century (post-WW2) in that time frame. It will be worse off. I don't want that, and I don't think most Americans do, but that's where we're headed because enough of it's citizens have been conned by big business into supporting it to the extreme.
We need some moderation in the U.S. but that time is long passed. - Peko, on 04/02/2008, -4/+24*****
- fr0ng, on 04/02/2008, -1/+18Look at the USPS. Fed Ex and UPS can do the exact same thing for a fraction of the price, but because the post office has no competition, it is a monopoly and inefficient. This is why you pay more than $0.40 to mail a letter when UPS/FedEx can deliver the same letter for what..$0.10 ? Because FedEx/UPS compete with each other, forcing themselves to come up with new, faster, cheaper, and more efficient ways of doing the same thing. This is why capitalism/competition is good. Better for end user.
- AbsurdParadox, on 04/02/2008, -2/+18Thats called corporatism, not capitalism.
- fr0ng, on 04/02/2008, -0/+15Yes, but the part about the government bailing companies out is not part of the definition If a company screws up, they fail and another company replaces them. It's called competition.
- inactive, on 04/02/2008, -1/+16It is not a risk is right! Do you think that these incedibly smart financial professionals did not see that there was a danger in what they were doing? Of course they did, and they knew that their lobbies, and the Fed (owned by commercial banks) and their own boy who is the Secretary of the Treasury (former Goldman Sachs President) would make sure that they get bailed out when they hit the wall. It happened in the Thrift meltdown in the 80s and it happened in the UK with Northern Rock Bank.
They were not taking a risk, they were instead taking over a billion dollars of year end bonuses just three months ago!
http://reasontraditionandliberty.blogspot.com/2008 ... - BeerRules, on 04/02/2008, -6/+19You know why diggers should be capitalistic and not socialist or communist, the idea of socialist and communist is good in theory however when put into practice it fails miserably without a support from a capitalistic society. For example China currently, they like to pretend they are communist, and they are to a point but when their economy started to fail China reformed their economy to more capitalistic. This didn't totally follow through past the economy but did happen none the less. The greatest part of capitalism is destructive creationism. If your not familiar with the idea good the idea to wiki it. The Russians hated destructive creationism, if your hand and a sickle work fine why on earth would you develop a machine to do it for you. Or if you have a car which runs fine, why buy a new one. Now let me use a more hurtful example, if your iPhone works fine why develop an new iPhone I mean after all it gets email, it gets phone service and the internet what more could you want? Personally I would like an iPhone 2.0 when it comes out but under socialism and communism it would never happen, along with better servers because the servers we have now could run the applications we have now. LCD monitors wouldn't exist cause why would you need one after all the 13 inch monochrome monitor would work just fine and do the same job. This is obviously a serious topic which can't be discussed in just one paragraph, but this is just a taste.
- notque, on 04/02/2008, -9/+21No, the socialist does care that it isn't true capitalism. We're well aware of it. Why don't you ask us, and we'll tell you.
- purag66, on 05/13/2009, -5/+17Madness? THIS IS BEAR STERNS!
- MrWhite7, on 04/02/2008, -3/+14What's ironic is its the socialisttic heavy regulation of our economy that allows this to happen. Best of both worlds!
- MeanYogurt, on 04/02/2008, -4/+15It wasn't very capitalist when the current administration used the Fed as a tool to create an "ownership society". Banks were pressured by the government to issues mortgages to sub prime borrowers. I admit, it seems noble to increase minority home ownership, but the use of the government as a vehicle to clearing credit issues was wrong. Government put us in position for this crisis by involving itself in the market: http://www.usatoday.com/money/perfi/housing/2004-0 ...
The solution to the mortgage crisis is to have the banks (once again) decide who they should and shouldn't lend money to. I think its insane to give the Fed more power over banks now, when it was the Fed that caused the crisis. - inactive, on 04/02/2008, -4/+15madness...?
- inactive, on 04/02/2008, -1/+11The damage to the economy if we let Bear Stearns die, would not be anywhere near as deep as the mouthpieces and lobbyists for the financial industry would have us believe.
If the risks were really large enough to wipe out great portions of the investments in America, would the rich capitalists just stand there and watch all of their investments vaporize as the Bear Stearns collapse caused a chain reaction that brings down everybody? Really?
If the people who are invested in the markets actually saw that the whole thing was in jeopardy, they would have used their own money to bail out Bear Stearns. The fact that they didn´t shows two things:
1.- that they were certain that the Fed would step in and bail out Bear Stearns
2.- that they weren´t worried enough about a systemic crash that they were offering up their own money to keep the system solvent.
We are being sold a bill of goods. - inactive, on 04/02/2008, -5/+15privatize profit and socialize losses. We do not have a "free market". It's state funded capitalism which is identical to what Soviet Russia had.
http://www.chomsky.info/talks/19960413.htm - bobbydiamondz, on 04/02/2008, -0/+10Who is John Galt?
- relic180, on 04/02/2008, -0/+9Don't know why you got buried. But I can only think it has to do with retards sticking their heads in the sand.
It's not that complicated. There was this big bank, and they named themselves "Federal" for ***** and giggles but nothing else. Then they got a president to sign a piece of paper to let them run our countries money supply.
I'll go whip up a few more digg accounts to digg you back up Ged. - Hetman, on 04/02/2008, -4/+13Have we not come to a point in history were we know people are lazy peices of *****. And if you offer them something for nothing they are going to take it. Socialism does not work.
- relic180, on 04/02/2008, -1/+10There is no Government support here. The Fed isn't government. It's a privately owned bank with the word FEDERAL in its name. They help large corporations because it will result in more money for executives in both organizations, and as of 1913 they control our money supply. Lucky us.
It's classic Business on Business action, except we're the ones who get *****. - MeanYogurt, on 04/02/2008, -1/+10"Yes, let's have institutionalized racism and rampant bank speculation again"
How is it racist to deny a loan based on credit rating and lack of down payment? Secondly, I'm not blaming the victim, I'm blaming government interference in the market. - inactive, on 04/02/2008, -3/+12uh, no I am not confusing myself. Unlike you, apparantly, I actually know about capitalism and banks - perhaps you could read some books by Murray Rothbard to clear up your confusion?
- enri, on 04/02/2008, -0/+9Show me a "true" capitalist that wouldn't accept a bailout and I'll show you a liar.
- inactive, on 04/02/2008, -2/+11You take the good with the bad. Free markets breed innovation more than bureaucratic red tape regulations.
- gadgetuk, on 04/02/2008, -2/+11Well, maybe, but is communism. The problem with both is that they are both open to corruption - but corruption is less obvious in capitalism.
- oldhick, on 04/02/2008, -7/+16Its really a form of mercantilism... Some call it neo-mercantilism since we've removed the gold standard.
- trogdorBURN, on 04/02/2008, -1/+10well said.
- Tuto, on 04/02/2008, -11/+19Sorry but free market doesn't work in its purest form and requires a ***** ton of regulations to work. Free market is based on the idea that everybody has the full and the perfect information and everybody acts accordingly to this information, in other words make the best and smartest decision. If you look around you do you think this is happening? A good example is Windows and Linux. If everybody had the perfect information and made the smartest decision we would all be running Linux now. Its free, its more secure etc. But in the real world there are factors that don't allow people to make the smartest decisions. Most obvious one being human nature : most people don't care enough to learn how to use Linux. Other factors involve Microsoft business practices such as giving free machines to school thus familiarizing kids with Windows and thus forcing companies to use Windows since that is what the workers learned when they were at school etc. Much like communism the free market is also an utopia that doesn't take into consideration the human nature.
- pintomp3, on 04/02/2008, -0/+8you're right, it's corporatism.
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