As the economy crumbles around us (along with everything else those in power have managed to screw up in the past eight years) I’ve been watching major news media over and over and over (tough to do when you don’t own a television), as much as I can get, any channel, any format, any medium. And I keep hearing talk of two things: the “free market” and this “government bail-out.”
I hear a lot of people in interviews, on C-SPAN, around the water-cooler, on the street, everywhere, all talking about how they’re against any government action because they “believe in the free market.” I keep resisting the urge to directly ask them, “So do you believe in Santa Clause too?” Now, I’m not an economist, but the conditions of a free market system, as described in economics textbooks are tantamount to “enlightened capitalism” in my mind. Namely, in the textbook, everyone has a lot more information and understanding than they do in real life. Basically, in the free market, everyone is invested in the system. Where we start running into problems (in real life) is when we try to apply those same free market principles to consumers (not necessarily “invested in the system” so to speak). Where in free market theory does the Wow Factor fit in, or keeping up with the Jones’, or the reality distortion field, or taking out a variable rate mortgage because some guy in a three-piece told you you could (but didn’t stop to tell you if you should), or any other senseless reason that money seems to fly out of people’s pockets. These are the reasons why the free market will never be more than a sound-byte for people who think they understand the economy. I’m not saying I understand the economy either, but I’ve learned that the smartest thing you can do is to understand that there is a lot you don’t know. For instance, I don’t know what the hell is going on three blocks away from me (I work right next to Wall St.), I do know that the guy in line at the movies who’s spouting off to the bimbo he’s trying to impress that he knows what really should be done is full of shit. So, to sum up, as Clinton reminded us that the same skills that get you elected also get you laid, this economic disaster will remind us, the same deregulation that got us rich put us in the poorhouse as well. Free market indeed…
And the other thing I want to put my two cents in about: the “government bail out.” If that’s too hard to swallow, try this on: the “citizen bail out.” Remember, folks, our elected officials may have chosen to spend this money they way it’s being spent, but remember where the money is coming from. Sure, government is pointing the spotlight, but the outlet, the transmission lines, the whole damn power plant, it’s all made of citizens.
So government, business, on behalf of the ones who ultimately bail you out every time either of you screw up: You’re welcome.