Anatomy of casino capitalism Pt.2

[DanMorin007]

The banking system in the US is not capitalist, but socialism / fascism. Have you heard of bailouts. A bailout is using the taxpayers money to give welfare to the billionaires - it is NOT the free market, nor capitalism.

[CapitalistHolocaust]

It's not Socialism, because it's not a redistribution of wealth from the rich to the poor, but the other way round. It's crony or State Capitalism.

Don't conflate the state OR taxation with Socialism. They both existed long before Socialism.

Just because there are theories of pure free market capitalism in existence, it doesn't mean that any other form isn't Capitalism. That's like saying the USSR wasn't Communism because the state didn't quite fit the pure anarcho-communist model.

[macdaddi88]

i gotta thank the real news b/c i learned MORE after watching just 2 parts of this than i have in yrs....and i HAVE traded stox, forex, etc on a small scale...so i thought i knew the basics...i really didnt....? ! lol

[kmarinas86]

This economy was wrecked by "casino corporatism".

[Xproletariatx]

@kmarinas86 no casino CAPITALISM!

[brainstewn]

Great story except for the title. Captialism in its genuine form is not devoid of regulation but rather embraces regulation like a car enjoys brakes. Corporatism is the collusion between mega-business or large corporations and government law makers and bureaucrats; all too often mis-labeled capitalism. We are the stewards of our country, not the alleged leaders we sheepishly elect.

[tatamtatam1]

A++interview. but I'm afraid no re-regulation is possible anymore. finance is right at the centre of the power structure of the economy, tied in with all other sectors. capitalists won't let it be "re-regulated", it's too lucrative.

unless they and their entire economic system is overthrown.

as current state structures are designed to shield capitalist classes from the majority, this requires massive mobilization and can only be a long-term process, but I don't see any other serious alternative.

[kmarinas86]

"unless they and their entire economic system is overthrown."

The "entire economic system" is a global economic system. If we went back to the limits prescribed by Jane D'Arista only up to the national level, American banks would just relocate overseas, leaving Americans behind to suffer. If some countries fail to cooperate in creating a new world economic system after the world economy topples over, such regulations will fall apart.

[tatamtatam1]

well sure. but for me that only seems to imply that resistance also has to be organised globally and not (just) on a national level. just like the power structure of the current economic system is global.

surely a long way to go, but then i don't see any other way out of this mess.

[golfprobro4eagles]

If we were on the gold standard we would not be in this trouble. Jefferson, Washington said no Fed and stay on the gold standard or you are doomed.

[rollinhammer]

In this system we can transfer vast sums of capital across the globe. No way can we go back to a system dependant on the availability of minerals.

[3CoolKats]

This lady needs to be in Washington, making policy.

[GetMeThere1]

This lady is GREAT about clearly and lucidly stating FACTS and their direct implications. She's one of the best guests Paul Jay has interviewed.

[ulgrum]

Wall street criminals need to be arrested and their criminally linked assets seized. There is no other way.

[MrLesWhite]

"You JUST finished getting health legislation mandating insurance from the same insurance companies you hate."

sirelvelyn:

Looks like you not only have the uncanny gift to SEE THE FUTURE but you also READ MINDS as well. How about joining the rest of us in reality?

[martinaoe2]

If money was linked to gold world wide as it would be because people always attract to real money the central banks would not be able to lend money so cheaply. This would stop this currency swap over in countries. Cheap credit is the destroyer here. It also fools individuals who think they can afford items, this inturn pushs up the cost of the item ie more ppl buying it and causes the item to ver overvalued.

[BankofSpirit]

when u buy food they charge u for plastic bags it'd be wise for people w/ pets, dogs/cats, leven mice/hamsters & such, to use the bags as an exchange instruments when they do-do biz. U need 'em to hold poop from pets & u pay for 'em when we buy what makes u poop. Our solution, use plastic poop-bags as currency, call 'em shit-bags though & fiat-$ can be toilet paper. Paper don't hold poop but it can get the change left around the butt hole, a hole in your shell that's really a poop bag of flesh.

[voicubogdan84]

if corporations will manage to redistribute the worlds capital equally among Earth's population and this is the logical trend because the "machine" was built to make money (equally means 1% of the people will have more power than the rest, but the rest are pretty equal...) then capitalism (the free market) will become the most successful form of communism ever how ironic... :DDD

[sirellyn]

Whoa. While I agree with some of what she is saying, that last bit is scary. Back to heavy regulation no. Roll back some of the laws, yes.

This idiocy of people thinking we went heavy into free markets in the 80's is obscene. We nixxed some laws that kept the very powerful companies somewhat restrained. We did NOTHING for common business or average person in terms of deregulation.

And when regulation hits who will be regulated first? Small businesses and the common man.

[Steenville]

You nailed it perfectly there, sirellyn. I agree 100%. Too many people are now too eager to restrict other people´s every behaviour and they are making a damn good job of it- except of course when it comes to the real criminals of this crisis.. they have carte blanche to continue robbing the public and the common man/small businesses.

[MrLesWhite]

"And when regulation hits who will be regulated first? Small businesses.."

Oh so you can predict the future now? What are you wasting your time on YouTube for then??

The common business man is who the banks use for a front to do their dirty work by essentially outsourcing their work to them in a LLC capacity...Small business can't be regulated BEFORE big business because big business EMPLOYS small businesses through venture capital, conventional loans etc

We are talking a global picture here

[sirellyn]

No I pay attention to the past. People have asked for this stuff over and over again. You JUST finished getting health legislation mandating insurance from the same insurance companies you hate.

SarbanesOxley hasn't stopped or hindered any corruption in wallstreet and put tons of smaller companies out of business.

You keep asking for stuff and it gets twisted around to be it's reverse. Who has the lobby, the big guys or the small guys?

Quit asking for stuff. Ask them to stop doing stuff.

[sabiki74]

sirellyn--I'm not quite sure I follow your logic. So the Aviation industry should not be heavily regulated? When planes start crashing we can just roll back some of the laws? Just think how cheap we can travel without all that overhead.

My point is...if the sector is BROKEN, you don't just put duct tape on it, (although it works for Red Green), you FIX it. Considering the affects of the economy on hunger, shelter, suicide, health, education, et cetera...I vote for the FAA regulations.

[sirellyn]

Sure take the FAA. Lets say you had an FAA, an FAB, and an FAC. The FAA is as it is now. The FAC has very very loose security restrictions, pretty much do what you want, and the FAB is somewhere between the two.

People could choose danger vs security themselves when flying. If the FAC was losing planes left and right not too many people would use it. But if the FAB had no more security problems than the FAA people would have the choice to use that instead.

Allow freedom of choice.

[sabiki74]

Obviously the FAC and the FAB would have smaller markets, but who checks the crash rates of the planes before they fly. Also, because of the smaller market, The FAC and the FAB could not do business in rural areas. Those people would not be able to compete in the economy cause they were restricted by travel. It is completely immoral to have a profit vs. loss of life analysis.

You only have to look at history to see what happens with famine when these depressions are created.

[sirellyn]

I don't know what markets the FAB and FAC would have. I know a lot of people are more than annoyed with the current airport security that they would gladly fly another type if given the chance.

And plane crashes can be death knells for companies. Look what happened to the United Airlines after 9/11. The problem was that is wasn't them ultimately in charge of the security, it was the FAA.

But when disasters happen agencies don't go out of business, actually we promote them.

[sabiki74]

One more thing..."This idiocy of people thinking we went heavy into free markets in the 80's is obscene."

Just ask one of the millions of Rush Limbaugh listeners who the father of Conservatism is. Although Reagan did have some liberal policies, he was a strong supporter of free markets.

Also, check out the charts of average household income vs. GDP. I think you'll find a very somber trend starting in 1980.

[sirellyn]

I hold no respect for Rush Limbaugh. There were few laws that allowed for anything "free market" for the common person. Virtually none of the barriers that impeded others from starting their own business to compete against others were lowered.

Big, nay Huge business was considered "The Market". And when their restrictions were lowered it was considered freedom for all.

Income vs GDP was due to a similar bubble burst after a full conversion to fiat currency.

[ulgrum]

The government needs to be regulated first, you know, by the constitution. Free markets cannot exist unless they are fair markets.

[PersonalJesus348]

capitalism is unfair by design

[sk8bow]

imo, capitalism works, but with no regulation or balance, it falls apart.

we as citizens can change that but the filthy rich use their power to persuade the masses not to become politically active. politics have been demonized as something too stressful and too complex to be active in.

we are over tens of millions but we are not directing our destiny. we are divided in general.

[danielshacalis]

The system not only goes against socialist ideas but also goes against capitalist ideas. So, you have a contradiction of which the system leaves itself.

[sirellyn]

If you mean restrained to what it's allowed to do in the constitution yes I completely agree.

[FreakishDonQuixote]

that's a difficult task for a piece of paper

[markcerny]

You have it backwards. Government regulates the market, not the other way around.

[ShaktipatSeer]

A player that makes his team better is better than a team that makes a good player.

We need to re-orient our entire system to one where people have incentive to help the system as a whole advance instead of just private profiteering..

Unregulated private profiteering will always lead to imbalance in the global economy.