Posted on 05/13/2008 11:45:52 AM PDT by Rufus2007
The Father of Capitalism, Adam Smith, is probably turning over in his grave as we speak.
The day after the presumptive GOP presidential nominee, Sen. John McCain (R-Ariz.), perverted the definition of free market to advocate his global warming platform, along comes left-wing billionaire George Soros suggesting traditional free-market theory is flawed in the May 13 USA Today.
The profile by David J. Lynch touted Soros' “theory of reflexivity,” which asserts classic free market theory is flawed because it assumes everyone acts rationally “to maximize their individual welfare or profits."
"Of course, real life never matches up exactly with the theory's assumptions. But they represent, economists say, a useful way of making sense of a complex world," Lynch wrote.
"To Soros, the conventional approach is rubbish. Instead of a world of near-identical actors, coolly assessing their economic interests and acting with clear-eyed precision, he sees a world (and markets) governed by passion, bias and self-reinforcing errors. Because fallible human beings are both involved in, and trying to make sense of, this world, they inevitably make mistakes. Those mistakes then feed on themselves in ‘reflexive’ ways that, when taken to extremes, result in situations such as the now-deflating U.S. housing bubble."
snip
The story also stated Soros is a target of Fox News commentator Bill O'Reilly and conservative Web sites such as freerepublic.com, which “routinely assail him as ‘anti-American.’” However, Soros brings a lot of that on himself for engaging radical left-wing causes.
According to a 2003 Cybercast News Service story, Soros has donated to America Coming Together, MoveOn.org and the Center for American Progress. But, the Lynch article described these endeavors as a concentration on “philanthropy.”
(Excerpt) Read more at businessandmedia.org ...
Because they want the same thing he wants -- a socialist America, subsidiary to a world government.
Birds of a feather flock together.
How can we "free traitors" dare to disagree with staunch American patriot George Soros?
So what? I'd rather live in a world influenced by the occasional mistakes of individuals than tolerate endless subjugation to the mistakes of bureaucrats.
Of course it is Georgie. Let’s start by taking all of your money first...
Some leftists don’t understand the concept of incentives,
others, like Soros, reject it.
Both think the best person to make decisions for everyone is some (leftist) elite elevated and given the power to do so.
The sooner this old crotchity sturge kicks off (of natural causes) the better. I don’t want the listening posts to think me wanting him dead before his God delivered time. That would mean a more spiteful death anyways, since the fart probably doesn’t believe in God. Sucks to not know your maker when you’re going to meet him.
Be my guest Soros baby!....Be a socialist and give away all your money!....Just stop telling me I have to give away what I have!
Gasoline is $3.69/gal here, and the answer why is right here...hint: a man who allegedly said the current president "should be taken care of", or words to that effect.
That is exactly how free markets correct themselves.
A government-managed command economy never corrects itself. Ever.
Soros should know better. But, of course, he can better manipulate a government-managed economy to his benefit than he can a free market economy.
For their part, though, the left will never learn...
This is rubbish, indeed. Nowhere does capitalism assume that the actors are near identical. Nowhere is it asumed that mistakes won't be made.
It amazes me how people can look at the same facts, identify the situation the same way, then come to totally opposite conclusions about what should be done about the situation.
This is rubbish, indeed. Nowhere does capitalism assume that the actors are near identical. Nowhere is it asumed that mistakes won't be made.
It amazes me how people can look at the same facts, identify the situation the same way, then come to totally opposite conclusions about what should be done about the situation.
This is rubbish, indeed. Nowhere does capitalism assume that the actors are near identical. Nowhere is it asumed that mistakes won't be made.
It amazes me how people can look at the same facts, identify the situation the same way, then come to totally opposite conclusions about what should be done about the situation.
“Irrational”? Is this a confession?
Its easy to be a liberal when you’re rich.
Oh no...you don’t have to “give” it away...they are going to come and take it.
I’d like to hear an example of “self-reinforcing errors”.
In a free market, almost by definition, errors have negative consequences, ie, self-CORRECTING errors.
The only “self-reinforcing errors” that I’ve ever seen are when gov’t institutes a plan to alleviate a consequence and gets more of that consequence EVERY TIME, alleviates the consequence further and gets yet more.
Most of those mistakes can be traced back to non-free market, governmental or quasi-governmental organizations like the Federal Reserve, FNMA (Fannie Mae), FHLMC (Freddie Mac) and various government agencies who made it clear to lenders that they better lend to "less qualified" borrowers or else "bad things will happen" to the lenders. A lot of those investments were made because they were seen as too big to be allowed to fail by the federal government, rather than by people rationally looking at the bubble and saying "Maybe now isn't the time to lend new buyers money".
Note that the "mistake" in Soros's eyes appears to be the deflating housing bubble, not the housing bubble itself.
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