Laissez Faire.… Defined as allowing industry to be free from state intervention, especially restrictions in the form of tariffs and government monopolies. The French translation literally means “let do”, but it broadly implies “let it be”, or “leave it alone.”
Championed by the scholars at the Chicago School of Economics, in particular Milton Friedman who argued that Laissez Faire government policy is more desirable than government intervention in the economy.
“One of the great mistakes is to judge policies and programs by their intentions rather than their results. -Milton Friedman Interview with Richard Heffner on The Open Mind
Milton Friedman was also a great admirerer of the writer, Ayn Rand, and her thoughts in her novels, The FountainHead and Atlas Shrugged.Known later as “Objectivism” to some and to others as the philosophy of being a finely tuned narcissistic greedy asshole.
Coincidentally, besides the resurgence of Ayn Rand books, the idea of Laissez Faire is the champion of ideas in the world of conservative and TeaBag thoughts. Like a free spirit, if only allowed to roam free, unhampered by the looters and moochers of the world holding down these soaring eagles, implementation of pure Laissez Faire ideals would allow one to thrive and prosper like a wild spirit animal of the plains. Excuse the embellished analogy.
Now there seems to be a new variation of this ideal economic process. I call it “Laissez Faire without Responsibility” or LAFR.
The economics of this new model is that industry expects to be completely unregulated in it’s ultimate goal of maximized profits, BUT when something goes wrong, expects the full and unbridled help in the government to clean up the mess they created, beyond the most socialist of socialism.
Seems to be exactly the opposite of their very essence, eh?
Then when recovery allows conditions to recover to the point that the corporation or industry can stand on their own two feet, Laissez Faire leaps forth as that idealistic creature again, like the past was just some strange anomaly, never to be repeated.
Government is to take a complete hands-off approach again, with no new rules or regulations to prevent a re-occurrence. Not only is one never to learn from the past, it must not even be mentioned or those responsible held accountable. Just hope that the painful memory goes away.
Unfortunately, the painful part never happens to those who created the situation in the first place. Hell no, the pain always winds up being inflicted on those who have the least political muscle, the middle and poor income population of the country. Suddenly, the hard earned benefits or bargaining powers of teachers or union members is this monster that’s destroying the very economic foundation of the country! Imagine that! And taxes on the wealthy and making corporations pay their fair share? Are you kidding? Do you want to destroy the fragile economic recovery?
Investment bankers were quite willing to make the huge profits by leveraging enormous sums of money with 60 to 1 leverage gambles, but when the Ponzi scheme came crashing down, suddenly it’s a dire situation that requires a immediate bailout to prevent a “Global Financial Meltdown” from occurring.
But when profits turn back to there outrageous normal state, suddenly it back to business as usual with hardly a rule in place to prevent it from happening again. LAFR!
Just when is the Justice Department going to pursue the architects of the biggest bank robbery in the history of mankind? Is it too complicated? Or maybe… just perhaps… the very people that regulate the crooks are part of the gang?
I wouldn’t be holding your breath waiting for the big announcement of prosecutions from the Justice Department on this one. Perhaps some small fish offered up as token appeasements… maybe.
But prosecution of the actual architects of the giant hustle? Not going to happen. In fact, they are probably on to the next scheme. And why not? Actions without repercussions! Crimes without penalties! Laissez Faire without Responsibility!
Now isn’t that a big LAFR for ya? Laugh till you cry, right?