conservative economics

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The primary principle of conservative economics is a variant of 'socialism for the rich and capitalism for the poor' that boils down to this two-part formula:

1. privatize the profits
2. socialize the costs

When times are great--or at least appear to be great--then the rich elites feel entitled to award themselves ever-larger bonuses and perks as they demand to be freed from taxation and regulatory oversight; when times are bad, they send their lobbyists crying to Congress, demanding bailouts and forcing the taxpaying public to clean up the wreckage.

When they gamble and win, the rest of us have no stake in their winnings; when they gamble and lose, we cover their losses. It all goes back to the Golden Rule:

"Whoever has the gold makes the rules."

Have we had enough of conservative economics yet?

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This page contains a single entry by cognitivedissident published on September 22, 2008 12:27 PM.

the $1.8 trillion bailout was the previous entry in this blog.

Alex Ross wins MacArthur "genius" grant is the next entry in this blog.

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