New Jersey the communist state

[Aus22]

please tell me you don't believe this

stevox may not be right about the 1950s. There so much inflation then that recessions were difficult. However he is right that the period before Capitalism become so strong was better economically. I have discuss Keynes in other posts on France and Greece so will not repeat it here. All I can say I have been a Keysian economists all my life and never believe in egentics. However human behaviour does caused some recessions. Greed of bankers lending to people who could not pay back their loans in order to make a profit is the main cause of the housing collapse in the USA. All recessions are caused by a decrease in demand. Investors floating worthless stock at a too high a price were another cause of this. Using their economic power to hide this and to pay themselves bonusus even when they fail was another cause of why the recession, took so long. Even now a leading American bank who said it was sound is collapsing.

 

[dogtowner]

stevox may not be right about the 1950s. There so much inflation then that recessions were difficult. However he is right that the period before Capitalism become so strong was better economically. I have discuss Keynes in other posts on France and Greece so will not repeat it here. All I can say I have been a Keysian economists all my life and never believe in egentics. However human behaviour does caused some recessions. Greed of bankers lending to people who could not pay back their loans in order to make a profit is the main cause of the housing collapse in the USA. All recessions are caused by a decrease in demand. Investors floating worthless stock at a too high a price were another cause of this. Using their economic power to hide this and to pay themselves bonusus even when they fail was another cause of why the recession, took so long. Even now a leading American bank who said it was sound is collapsing.

lenders were required to loan to those they knew could not repay due to govt regulation.

 

[steveox]

This is also communist about New Jersey

 

[Aus22]

lenders were required to loan to those they knew could not repay due to govt regulation.

If that was the case in the USA i was wrong. In Australia there are regulations preventing this.

 

[Cruella]

Put standards the way they were back in the 1950s. Then the rich would pay their fair share.

You might be on to something

No mandated insurance, no leash and seat belt laws, no sidewalks, no drainage, no trash pick up, blue collar workers could buy a home, doctors made house calls, moms stayed home, schools weren't commie indoctrination centers.

 

[dogtowner]

If that was the case in the USA i was wrong. In Australia there are regulations preventing this.

good business practice used to see to this until Congress decided otherwise.

 

[dogtowner]

You might be on to something

No mandated insurance, no leash and seat belt laws, no sidewalks, no drainage, no trash pick up, blue collar workers could buy a home, doctors made house calls, moms stayed home, schools weren't commie indoctrination centers.

and nobody paid the tax rate they wre assigned to then either due to ven more deductions.

we had sidewalks and trash pickup and healthcare was a tiny fraction as government had not gotten into the medical biz.

 

[dogtowner]

This is also communist about New Jersey

did you know that the earliest freeways were private and had tolls ?

 

[steveox]

The freeway 5 in California dont have tolls

 

[dogtowner]

The freeway 5 in California dont have tolls

I'm talking pre-1850, before Lincoln and the Whigs began their crony capitalism

 

[GenSeneca]

However he is right that the period before Capitalism become so strong was better economically.

You have to go way back to the period between 1776 and 1907 to find something close to Capitalism in America. Your view of Capitalism is a cartoon caricature from Leftist agitprop that isn't based on reality... bailing out large banks, subsidies for multi-zillion dollar corporations, pay-to-play cronyism, etc., these things are not permitted under a Capitalist system as they are all examples of government interference into the economy:

Every government interference in the economy consists of giving an unearned benefit, extorted by force, to some men at the expense of others. - Ayn Rand

The system you support, the mixed market, is what allows all the negative things you wrongly attribute to Capitalism.

Greed of bankers lending to people who could not pay back their loans in order to make a profit is the main cause of the housing collapse in the USA.

So if you loan me $50k and I only pay you back $10k of what I owe, you actually believe that you have earned a Profit?

Well my friend, you are welcome to make a "profit" off me anytime you like.

All recessions are caused by a decrease in demand.

A decrease in demand is the effect, not the cause, of a recession. Recessions are caused by reality catching up to the misallocation of resources, i.e. the bursting of market bubbles.

Recessions are a necessary part of a healthy economy and cannot be avoided. Furthermore, recessions correct themselves and the less interference from government, the faster that correction happens. Trying to prop up a market bubble through "stimulus", i.e. deficit, spending only prolongs the pain as it prevents the market from purging itself of bad investments and thereby allowing prices to return to a realistic location on the supply/demand curve.

 

[GenSeneca]

I'm talking pre-1850, before Lincoln and the Whigs began their crony capitalism

Pet Peve: I don't like that term "Crony Capitalism", there's nothing Capitalistic about cronyism. If anything, it should be called Crony Socialism, since both concepts share the same basic principle of giving an unearned benefit to some at the expense of someone else.

 

[dogtowner]

Pet Peve: I don't like that term "Crony Capitalism", there's nothing Capitalistic about cronyism. If anything, it should be called Crony Socialism, since both concepts share the same basic principle of giving an unearned benefit to some at the expense of someone else.

noted. how about krony kapitalism ?

I think you'll find the best term is mercantilism

The journalist, television commentator, and former presidential candidate Patrick J. Buchanan has been sharply criticized by his fellow Republicans for allegedly betraying Republican party "free-market" principles in his new book, The Great Betrayal. In the book Buchanan argues for protectionism and claims to have presented the strongest case ever made for "economic nationalism." This, his Republican critics allege, is contrary to what Republicans have always stood for.

Buchanan's critics are wrong. Pat Buchanan has picked up the mantle of the party of Lincoln and is its true political descendent. The Republican party was founded by a group of former Whigs who for decades had been lobbying for protectionist tariffs, corporate welfare for railroads and other corporations ("internal improvements"), and a central bank to finance their massive patronage schemes. They, too, fancied themselves "economic nationalists" by labeling their special-interest policies "The American System" (a phrase coined by Henry Clay), implying that all Americans would benefit from it.

But phrases like "economic nationalism" and "The American System" are cleverly contrived deceptions that attempt to mislead the public into believing that government handouts to powerful special interest groups are somehow in everyone's interest. A more accurate term for what the late-nineteenth-century Republicans stood for, and what the Buchanan wing of today's Republican party advocates, is mercantilism.

 

[steveox]

Yall wrong about the revolutionary days. Tell me where it says capitolism in the consitution? Most of it are socialist ideas.

 

[Aus22]

Pet Peve: I don't like that term "Crony Capitalism", there's nothing Capitalistic about cronyism. If anything, it should be called Crony Socialism, since both concepts share the same basic principle of giving an unearned benefit to some at the expense of someone else.

Gen Seneca, As I said elsewhere the gap between the two of us is very wide. Crony Capitalism was a phase i used in reference to the Richard B Freeman article on my website,I was quoting. It is real to me and I agree it should not be part of real Capitalism. When Capitalist help one another this is crony capitalism and is much different from the intense competition that was in the original Capitalist model.
Mercantilism was a protectionist model that work to make England rich in the nineteenth century. The problem with all these models is that there are losers as well as winners.