Meta-Blog

SEARCH QandO

Email:
Jon Henke
Bruce "McQ" McQuain
Dale Franks
Bryan Pick
Billy Hollis
Lance Paddock
MichaelW

BLOGROLL QandO

 
 
Recent Posts
The Ayers Resurrection Tour
Special Friends Get Special Breaks
One Hour
The Hope and Change Express - stalled in the slow lane
Michael Steele New RNC Chairman
Things that make you go "hmmmm"...
Oh yeah, that "rule of law" thing ...
Putting Dollar Signs in Front Of The AGW Hoax
Moving toward a 60 vote majority?
Do As I Say ....
 
 
QandO Newsroom

Newsroom Home Page

US News

US National News
Politics
Business
Science
Technology
Health
Entertainment
Sports
Opinion/Editorial

International News

Top World New
Iraq News
Mideast Conflict

Blogging

Blogpulse Daily Highlights
Daypop Top 40 Links

Regional

Regional News

Publications

News Publications

 
Cognative Dissonnance, WaPo style
Posted by: McQ on Monday, October 20, 2008

Surprisingly, the Washington Post finally admits something we've been saying for quite some time:
IS THIS the end of American capitalism? As financial panic spread across the globe and governments scrambled to contain the damage, reality seemed to announce the doom of U.S.-style free markets and President Bush's ideology. But this is wrong in two ways. The deregulation of U.S. financial markets did not reflect only the narrow ideology of a particular party or administration. And the problem with the U.S. economy, more than lack of regulation, has been government's failure to control systemic risks that government itself helped to create. We are not witnessing a crisis of the free market but a crisis of distorted markets.
Question - what entity was responsible for creating the "distorted markets?"

Answer - the same one which is now telling you how well it could manage your health care.

By the way, the WaPo, true to form, isn't really that upset that government was distorting markets, it was more upset that it failed at it's effort.

It concludes its admission with an admonishment:
The new capitalist model that emerges from this crisis must operate according to more consistent principles. The Fed should set interest rates with the long-run value of the dollar in mind. Government must be more selective about manipulating markets; over the long term, business works best when it is subject to market discipline alone. In those cases — and there will and should be some — in which government intervenes on behalf of social goals, its support must be counterbalanced with taxpayer protections and regulation. Government-sponsored, upside-only capitalism is the kind that's in crisis today, and we say: Good riddance.
And we say, "you're insane", because, as we all know, the definition of insanity is trying the same thing over and over and expecting different results.

Note the admission which comes after the startling claim that "government must be more selective about manipulating markets":
"... over the long term, business works best when it is subject to market discipline alone."
If you've ever wanted an example of cognitive dissonance, I can't imagine a better one. On the one hand, WaPo admits that business works best when subject to "market discipline" and on the other agrees that government should intrude and "manipulate markets" (so much for "market discipline") for "worthy social goals?"

A) who gets to decide what social goals are "worthy" and thus B) which markets are to be selectively manipulated? Finally C) didn't they learn anything from what just happened?
 
TrackBacks
Return to Main Blog Page
 
 

Previous Comments to this Post 

Comments
And we want cake and candy and lots and lots of pretty ponies!

Bah.

What you are looking at is a particular type of insanity that might be called semi-socialism: interfering in the markets just enough to stop bad things happening. I think that this is exactly what the WaPo sneeringly - and ironically - refers to as "sponsored, upside-only capitalism".

The problem is exactly what you say: WHO will decide WHICH industries will get WHAT interference, and HOW will this be accomplished?

The answer to the first question is the Congress. From there... well, think about the various choices that can be made and then pick the most stupid to know what the Congress will do.

The WaPo, along with the rest of the media, is complicit in all of this due to their inability / refusal to clearly define how we got into this present mess. At best, they can only manage to bring themselves to say that this is a crisis of "distorted markets" without being able to say how the market was distorted and (as importantly) who made those decisions.

So, we’re going to destroy the free market in America and we’ll all pay a heavy price for that.

Hurrah...
 
Written By: docjim505
URL: http://
Hey, I hear Zimbabwe has had a lot of practice with wealth redistribution. I bet Barry’s story will be the same.
 
Written By: capt joe
URL: http://
The best part of the article is the Obama ads that show up when you click the link to read the actual article. Like "Wisconsin Find Your Early Vote Location" and "visit the official barack obama website now". The Dems will kill the American model with the help of the liberal media, welcome to European style capitalism. I wonder how long until you start hearing stories of states wanting to go at it alone. I bet Vermont will be the last!
 
Written By: Commander Tom
URL: http://
"we legislated that you loan money to people who didn’t qualify for the loans, we didn’t tell you to be irresponsible about it."

"If we had some ham, we could have some ham and eggs....if we had some eggs."
 
Written By: daves
URL: http://
"interfering in the markets just enough to stop bad things happening."

Which pretty much describes what has been happening for a few generations, now. Basically the WashPost just wants more of the same, just more effective.
 
Written By: timactual
URL: http://
The washington post editorial page is great, when you need a mumbling of incoherent platitudes. Otherwise, not so much.

Look, we agree on something.
 
Written By: glasnost
URL: http://
Isn’t the Washington Post a media property of billionaire Warren Buffet?
 
Written By: Micha Elyi
URL: http://
RTgPub wutjttvbcylp, [url=http://kejaeaqiidxa.com/]kejaeaqiidxa[/url], [link=http://nxqbxngawsxt.com/]nxqbxngawsxt[/link], http://qbgezvbyovog.com/
 
Written By: hrsgdckjr
URL: http://milqheroptng.com/
Because its annoying when you want watch many videos, , american fork high school utah, :[[,
 
Written By: Ben
URL: http://2-american.lunamool.co.cc/american-claymores-europe-nfl-scottish.html
WTO as the centre for a Wikipedia of trade -, equipment, vjm,
 
Written By: Hun Makinski
URL: http://american-workers.trulyaly.ze.cx/african-american-mens-styles.html
I’m pretty sure you know very well that , rental, :PPP, parts, >:-[[[, american heart association norfolk va, :-((,
 
Written By: Hun Makinski
URL: http://2-american.lunamool.co.cc/audie-murphy-american-soldier.html
to let us in the wide world know what you’re , american pie the wedding film review, qsagx,
 
Written By: judoka
URL: http://rv-camp.openav.fr.nf/cheap-car-rental-in-corfu.html
Im looking forwards to web2.0 - , american portrayal of the samurai, 55094,
 
Written By: Phill Yasen
URL: http://2-american.lunamool.co.cc/american-pie-band-camp-babes.html
suggesting possible featured videos. , delco automotive parts, :PPP, parts, 971, parts, 8-O,
 
Written By: Moon
URL: http://jump-starter.galebaz.fr.nf/foed-replacement-body-parts.html
Even though the geopolitics would have, independent american magizine, 8),
 
Written By: Ded Mazai
URL: http://american-airli.trulyaly.asso.st/songwriter-american-idol.html
is it possible to make videos opened i new tab, auto-paused? , parts, >:))), native american census, mfnx, american, 0478,
 
Written By: Lion
URL: http://used-car.otavio.co.cc/smoky-joe-grill-parts.html
youtube is improving well, but i have little request: , dynaclave sterilizer parts, :),
 
Written By: Moon
URL: http://icom-2720h.galebaz.asso.st/parts-for-wheel-chairs.html
and help to promote their , athens georgia rental campers, :PP,
 
Written By: Ded Mazai
URL: http://rv-camp.openav.fr.nf/cheap-car-rental-in-geddes.html
but I can’t set the emails language. , american, 161,
 
Written By: Ken
URL: http://wedding-rental.gased.co.cc/narthampton-rental-northampton-ma.html
work on a sector that has changed the lives of us all., recreation northwest pacific coast nativ, %-(,
 
Written By: Jaxk
URL: http://thrifty-car.galebaz.infos.st/steam-pressure-washer-rental.html
I do actually reading them, but overall , ge j79 parts, ltctlv, pheonix american gladiator, adarq, rental, 18889,
 
Written By: Rax
URL: http://uhaul-rentals.manzin.co.cc/condo-rental-lake-geneva.html
It gives more people the chance , parts, :P,
 
Written By: Ben
URL: http://american-workers.trulyaly.ze.cx/how-three-mile-island-changed-americans.html
I do actually reading them, but overall , british su carburetor parts, :-[,
 
Written By: Bill
URL: http://thrifty-car.galebaz.infos.st/cheap-car-rental-in-new-iberia.html
least across national borders. I quite like the , edible dandelion parts, 8DDD,
 
Written By: Heruki Otsasori
URL: http://uhaul-rentals.manzin.co.cc/rental-housing-stats-lancaster-ca.html

 
Add Your Comment
  NOTICE: While we don't wish to censor your thoughts, we do blacklist certain terms of profanity or obscenity. This is not to muzzle you, but to ensure that the blog remains work-safe for our readers. If you wish to use profanity, simply insert asterisks (*) where the vowels usually go. Your meaning will still be clear, but our readers will be able to view the blog without worrying that content monitoring will get them in trouble when reading it.
Comments for this entry are closed.
Name:
Email:
URL:
HTML Tools:
Bold Italic Blockquote Hyperlink
Comment:
   
 
Vicious Capitalism

Divider

Buy Dale's Book!
Slackernomics by Dale Franks

Divider

Divider