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Profits and losses

2008-07-16 03:22:19.818477+00 by Dan Lyke 5 comments


We live in a capitalist-socialist economy. Profits are privatized, losses are socialized.

[ related topics: Quotes Economics ]

comments in ascending chronological order (reverse):

#Comment Re: made: 2008-07-16 03:57:25.060005+00 by: TheSHAD0W

I'll go one further than that: We live within a system of institutionalized fraud. The banking industry is permitted to take deposits and tell the customers they will keep their money safe - then turning around and lending it out to others. When looked at from an economic perspective this is obviously a pyramid scheme and the only thing holding it up is the Federal government's "promise" to make those deposits good; and even they can't hold it up forever. At best it means a progressive inflation; at worst, a terrible collapse. And the idea of reforming this system scares EVERYONE.

#Comment Re: made: 2008-07-16 10:14:40.594469+00 by: DaveP

The quote was from an article in Liberty magazine - or at least that's where I read it this month. If I remember, I'll tack on a citation before I recycle it.

#Comment Re: made: 2008-07-16 12:02:13.006817+00 by: meuon

Nice QOTD. I'm amazed that I'm not seeing reports of "justified" violence. The sheeple have tolerated this without revolt, without heads on a platter. Everyone is too afraid the house of cards will fall down.

I don't care if you are an anarchist, socialist, capitalist, libertarian, republican, democrat, christian.. but please consider putting the worlds "socially responsible" in front of whatever you call yourself, and consider that term seriously when making decisions. I know the actions will vary per your core beliefs, but it should keep the big mistakes from happening.

#Comment Re: made: 2008-07-16 13:20:11.679473+00 by: Dan Lyke

Thanks, Dave.

Meuon, I'm fairly sure that'll just result in "socially responsible mortgage derivative hedge funds".

#Comment Re: made: 2008-07-17 09:52:20.226801+00 by: DaveP [edit history]

It was quoting "Mr. Taupe", one of three anonymous interviewees in the article "Privatize the Profit, Socialize the Loss", written by Jim Walsh, beginning on Page 31 of the August 2008 issue of "Liberty"

The full quote there is:

There are no atheists in foxholes. There are no libertarians during financial crises. Privatize the profits, socialize the losses. Amen.

May not be the first use, but it's the first time I saw it in print.

The article isn't one of them available online, but if you want to read the whole thing, Liberty is available at better newsstands, or I could attempt to OCR the article, or I could just drop it in snail-mail for you.