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What You Should Know / October 30, 2009

www.scribd.com -- The numbers in Table 1 suggest that to a large extent the recent rise in the profitability of the TBTF banks may be attributable to the fact that they enjoy the protection of the government’s backing at a time when the banking system as a whole continues to experience substantial strains. This should concern policymakers, since it would imply that a substantial portion of the profits of the largest banks is essentially a redistribution from taxpayers to the banks, rather than the outcome of market transactions.

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5 Comments

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  • 1. TK  |  October 30th, 2009 at 5:39 pm

    To be fair, this is the exact opposite of the invisible hand. It is the government’s hand literally reaching into your pocket and taking money and giving it to the rich. That’s even worse than the invisible hand. Libertarianism might be reprehensible but we can all agree it’s at least marginally better than the government outright HELPING the super-rich steal your money.

  • 2. m  |  October 30th, 2009 at 7:13 pm

    “Libertarianism might be reprehensible but we can all agree it’s at least marginally better than the government outright HELPING the super-rich steal your money.”

    that’s not quite correct. libertarianism is the bullshit-ideology that the reality of capitalism is covered up and – indirectly – legitimated with. that’s its sole function.
    the capitalist state has always been and always will be a state of the capitalist class, it cannot be otherwise.

  • 3. horhey  |  October 31st, 2009 at 1:15 am

    Capitalism, socialism, it all comes down to who has a gun pointed at my head. I’d rather it be nobody, regardless of the system.

  • 4. badnewswade  |  October 31st, 2009 at 6:16 am

    We’re definitely in a new StaMoKap era now, aren’t we?

    http://en.wikipedia.org/wiki/State_monopoly_capitalism

  • 5. Plamen Petkov  |  October 31st, 2009 at 8:48 am

    Yeah. One time several years ago I tried to have a conversation with a USA guy calling himself “libertarian” about Ayn Rand and Libertarianism in general. We were talking about competition and I mentioned that yes competition is a great thing as agreed by libertarians. But he shocked me when he quickly replied “too much competition was a bad thing”. Right then and there I knew he was a total bullshitter. I ended the conversation and left. There is NO such thing as ‘free market” in USA. Anyone who believes such fairy tales probably believes USA is in Iraq/Afghanistan to spread “freedom and democracy” and USA was attacked by Ali Queda and Bin Alladin because they hated their freedoms.

    P.S. FBI has NEVER indicted Bin Alladin on official charges of attacking USA on 9-11. Wonder why?


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