An Alaskan journalist's perspective on local and national issues

Posts tagged ‘Too Big to Fail’

Libertarianism is flawed to its core

It is impossible for a person to have anymore, a rational discussion with the Libertarian crowd.  It is becoming almost a little bit upsetting trying to talk with these people rationally.  Because if you go on YouTube, and there was a great video made about this (http://youtu.be/xYaujnR_8NE), you will see this huge group of cultish followers of the Libertarian philosophy.  There was a video that came out recently from a favorite political commentator, Sam Seder, about the YouTube Libertarians (http://youtu.be/0Htf0IgrJrs) and how these people are completley impossible to argue with them.

So, here I am, and I will try and talk rationally.  After my last post talking about how Ron Paul is not the God that they all seem to make him out to be, I didn’t get a single smart argument.  Instead, it was just angry lambasting from people who didn’t want to discuss things rationally.  So here we are, going to give this another shot.

Libertarianism is flawed to its core.  Sorry, but that is the truth.  That idea that little to no government is going to produce a better society is complete and utter nonsense.  One big one that they talk about is no regulation, that the market should take care of itself.  There are not enough hands to do enough facepalms for the idea.  Yes, if we do nothing, if we free up business’ hands, then things will be better.

First off, let’s take a look at the food industry.  A recent report from the CDC said that food-borth pathogens are on the rise here in the US.  Why are they on the rise?  Because we have a horribly underregulated food industry.  We have disease-ridden cattle that we feed to people in this country.  We have produce that carries diseases because there aren’t enough regulations, and those that are in place, the FDA and other groups don’t have enough people to look into them.  It’s the same with airlines industry.  Airline safety is another area that desperatley is underfinanced, and the Libertarians are just fine with looking the other way.

Rand Paul made a statement during an interview with George Stephanopoulos about the BP Gulf spill (forget the Deepwater Horizon BS, this is BP’s spill, just like the last one was called Exxon Valdez) –

 And I think it’s part of this sort of blame game society in the sense that it’s always got to be someone’s fault. Instead of the fact that maybe sometimes accidents happen. I mean, we had a mining accident that was very tragic and I’ve met a lot of these miners and their families. They’re very brave people to do a dangerous job. But then we come in and it’s always someone’s fault. Maybe sometimes accidents happen.

You know, if there wasn’t a mountain of evidence as to the fact that the drilling that was going on in the Gulf was horribly underregulated…no, even then he wouldn’t have a point.  The problem with the Libertarian ideology is that it believes three things to be true

  1. That people will be able to keep informed about all markets, and that businesses will never withhold information about those markets.
  2. That all people are good and want to help everybody else at all times.
  3. That businesses work for the interests of the community, not for the bottom line.

All three of these things are not only ridiculous, but they are impossible to believe.  And when you try to show that the Randian philosophy (Ayn Rand) about free markets is nothing more than a greed-driven mentality designed to help the self is morally repugnant, they all just scream about how you hate their freedom.

This is what TJ Kincaid was talking about in his video.  Because the Libertarians have some ideas that people, those who like those ideas will put the other ones, the horribly socially and morallly corrosive ones out of their minds.  They will forget about the fact that Ron Paul may not have said that the man should just be left to die, but he did say that there should be no establishment effort to help.  He said that the church and the community should step up.  But they didn’t!  They did not step up!  So to tell them that these ideals are wrong, you are just wasting air.

And a lot of their heroes preaching is morally and socially corrosive.  Let’s get rid of the FDA, so people can test for E Coli themselves!  How about getting rid of the EPA?  Yeah, because they’ve never done any good for anybody…except how their regulations got rid of the smog that had infested LA.  How about throwing out the Department of Education?  Yeah, because inner-city kids are going to be able to afford private schools!  Oh wait, they won’t.  Or how about getting rid of the income tax!  Oh right, then this nation would completely collapse.  I keep forgetting that one.  Or let’s go all-out and get rid of the entire social safety net!  People forget that doing that would be tantamount to murder.

Now, it is easy to point out the flaws of one system, but if you have an established state, of any kind, you need a strict infrastructure to manage it.  Anarchy doesn’t work.  Anarcho-capitalism doesn’t work.  Nature abhors a vacuum, and with human nature, it’s a power vacuum.  So, you need an infrastructure that works.  And along with that infrastructure, you need people to manage it.  You need people to make it work.  Now, call it what you want, but a government by any other name is still government.  Regulation has been proven to work, and no regulation has been proven to bring things down.  The most recent financial collapse was a perfect example.  The government wasn’t watching the banks, and they did bad business practices because we also ignored the regulation to make sure they don’t get too big, hence the concept of “Too Big to Fail.”

But Libertarianism is a good thing for one reason – it allows us liberals and progessives to reevaluate why we believe what we believe, and why we will fight so hard to defend it.  But with the sudden and massive growth of this group, the question becomes, is it dangerous?  Is the ignorance that they display a genuine threat to this nation and its future.

Now that is something worth looking into.

Peace out,

Eli

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Eli’s Review: Too Big to Fail

There are certain films that are designed for an express purpose.  They want to convey a certain thought process, feeling, or reaction from the audience.  There are films like the abominations against rational thought, also known as the Twilight series, which were made for the sole purpose of making teen girls are warm for…one of the stalker guys’ forms, it could go either way.  Then there are films like The Social Network, where it wanted you to think about personal betrayal and the journey from being a nobody to having the world.  There are also films like The Sky Crawlers, which shows the rather cold world eternal warfare, and gets you to think about how pointless war is and how it inevitably doesn’t help anybody.

Good films actually require a person to think.  It is never enough, at least for this critic, to simply sit down and just start blankly at a screen and look at the pretty colors.  That was how Avatar got so many people to love it.  A story so cliche that it was beyond parody, and a vaguely racist character paradigm where the white man becomes better and being native than the natives.  But a truly great film is able to rise above that, to challenge a person’s way of thinking, and to even get them to think a little deeper about something that they hadn’t even had the courage to think about before.  It is a rare few films that truly go the distance in that category.

The film Too Big to Fail was an absolute masterpiece when it comes to getting the audience to think.  The fact that it is based on a true story make the point that it makes about society and the banking industry, and the politics of economics in this country that much more powerful and almost disturbing in parts.

A little background, this is a brand new film.  It was being shown at a meeting of the UAA College Democrats, of which I am a member.  It was shown at the home of John and Heather Aronno.  Two of the most politically active people that you will ever meet, if anybody in Anchorage has the chance.  Tonight was pretty fun, before and after the film.  But enough of the personal stuff, back to one of the most intriguing films that I have ever seen, and that is saying something.  Truthfully, it is the fact that this is based on a true story that is so powerful and so profoundly disturbing.  Truly, most Americans have no idea how close this country’s economy came to a complete meltdown.

I won’t lie, I am going to be laying out the plot of the film, but honestly, it is the delivery and the portrayal of the people who got this nation so close to disaster and then saved it that gives this film the genuine power that it has.  This film tells the story of the 2008 meltdown.  A rather interesting trick that this film uses is it combines the use of clips from actual news broadcasts with the story being played out.  The clips are used to drive home what part of the film they were talking about.  In a way, it was showing how the events that were unfolding were being shown to the people.  It almost seemed to be a mechanism to show how ignorant people in this country were of what was happening.

And the fact is that we truly were ignorant.  We have no idea how close we came to having our economy collapse.  There was a speech by Paul Giamatti’s character, Ben Bernanke, who was Chairman of the Federal Reserve, which was so powerful.  Pity I have been kind of exhausted all day, because I wish that I could remember it with clarity.  He spoke about how he had spent his entire academic time studying the Great Depression, and the writing was as clear as day to him that the country was in imminent trouble.  It couldn’t have been any better.

The fact is that every single person who was cast in this picture was brillianet.  William Hurt played Henry Paulson, the Secretary of the Treasury.  He was working with all of his might to stave off the potential disaster that was facing the country.  The efforts he was taking, and the level of committment were destroying him, on a physical as well as emotional level.  One can only imagine how stressful such a position would be in.  Plus, there was no clear solution, and everybody had their own agendas that they were playing at, which made his job even harder.  I could go through every role and how they are all perfect, but the fact is that that would take all night.  But there isn’t a single person who is miscast in this film.  It was made for HBO, but that doesn’t change the fact that it is absolutely awe-inspiring.

But the thing that truly sticks with you in this film is the fact that this kind of disaster could happen again.  The housing bubble, the very thing which caused the economic meltdown to happen in the first place (when it burst in late 2007) is back.  While it will take a lot of time to grow, the fact is that it is growing again.  Not only that, but China’s own bubble is on the verge of bursting, and that could spell a lot of trouble for this country, since we live in a global economy.  Plus, we still have the concept of Too Big to Fail in this country, which makes this even worse.  There were a series of textual epilogues that said that 10 banks now possess 77% of this entire country’s wealth.  Too Big to Fail is the understatement of the year.  We absolutely cannot afford to have these places fail on us now.  If that were to happen, I guess Bernanke and I are on the same page.  But, there seems to be no way to stop it now.

This film was powerful, and in a very profound way for me.  The fact is that it is so easy for people to just not pay attention to what is going on.  It is so easy for people to just go with the flow, but we need to pay more attention.  We need to keep tabs on what is going on, or we may start hearing about how things are getting very bad, very quickly.

Until next time, a quote,

“I don’t get it, why are we debating this? If they go down, you all will.”  -Ben Bernanke, Too Big to Fail

Peace out,

Maverick

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