Quote:
Originally Posted by Jebby
No. It was caused by direct government action through the Federal Reserve's inflationary policies under the leadership of Benjamin Strong.
Again, completely caused by government action, from the Fed's artificially low interest rates, Fannie Mae and Freddie Mac guaranteeing mortgages, the Community Reinvestment Act and affirmative action in lending, the "pro-ownership" tax code, etc.
The US is not decentralized when it comes to regulation of the banking industry, for example.
And monopolies do not exist in a free market. They are an artificial creation by the state, either through monopoly charters or through the imposition of barriers to new entrants into an economic sector.
Absolutely. Properity comes from the private sector, not from the state. Everything the state has it must take from those who produce.
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Jebby, I hear you saying that you studied at LSE. Did they teach you the myth that there ever was a totally "free market' in world history (where/when)??...or that free markets can actually exist (without government regulation at some point)?
Further, where did you learn that the "state"/government never/doesn't produce wealth? So LAX or the Ports Authority of New York/New Jersey which are all government enterprises don't generate wealth/GDP at the city/state levels? Really!? In Los Angeles light/water and power are produced/sold CHEAPLY to most of the city's residents by the city government (re: LADWP).
Where did you learn that monopolies are always created by the state/government? Maybe that might be the case in corrupt Mexico but not here. If that were true why would the U.S. government pass the Sherman Anti Trust Act of 1890 to curtail the creation of business monopolies (which were/are the natural outgrowth of UNREGULATED MARKETS AS EXISTED DURING THE GILDED AGE OF AMERICA'S ROBBER BARONS)????
By the way, in case you missed that part of your economic history lesson the Gilded Age of the late 19th century America was characterized by little or no government taxes or regulations,..thus precipitating horrendous levels of income disparity and poverty.