Is it too big to fail?
Just more crony capitalism, despite the fact that the president won’t meet with BP’s president.
By the way, this is one of the reasons that I don’t like the Marxist term “capitalism.”
Can you imagine the phrase “crony free enterprise”?
Speaking of “too big to fail”, apparently the Big XII is “too historic to fail”.
I wonder how long before Harkin or someone else in D.C. proposes legislation to prevent the breakup of major NCAA conferences and the creation of super-conferences?
I saw an article recently that advised using the word “cronyism” instead of “crony capitalism”.
Ayn Rand proudly used the word “capitalism”, seeking to steal it from Marx, and that’s good enough for me.
I can’t remember where I saw it, but the article I referenced above said that the term “crony capitalism” makes no more sense than “free market communism”.
Too bad the term “mercantilism” has faded from common knowledge…
Depending of who’s speaking, ‘capitalism’ could mean free market, cronyism, or maybe something else, making it a fairly useless term. I say avoid it to avoid confusion.
I prefer the term “corporatism” to describe the cronyism between government and industry.
I actually like “crony free enterprise” if you just change the word emphasis, it becomes an enterprise free of crony(ism) rather than free enterprise populated with cronies. 🙂
Has some pundit somewhere done a rational analysis of what the cleanup and damages will likely cost?
I think BP’s stated tab has been running well under a billion a month including the various well-capping operations, so I don’t understand where the “tens of billions of dollars” in cleanup costs come from.
Waterhouse, perhaps that includes the hit to BP’s stock value.
If BP goes bankrupt, then no clean up will be funded after their assets have been liquidated. The best way to insure BP’s ability to fund a long term clean up is a BP that is still in business.
That doesn’t mean they should get a bail out but it does mean that the government shouldn’t seize their assets, nationalize the company, or destroy the business through the media driving them into bankruptcy.
“that the president won’t meet with BP’s president”
That’s because he’s afraid BP’s president will ask for all his campaign contributions back.
Bambi is obviously a corrupt politician – he won’t stay bought.
Free enterprise and capitalism are two entirely different concepts.