The Harsh Economics of Laissez Faire without Responsibility

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?

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About Krell

I used to have superpowers… but a therapist took them away.
This entry was posted in Commentary, corporate greed, Politics, Tea Party and tagged , , , , , , , , , , . Bookmark the permalink.

8 Responses to The Harsh Economics of Laissez Faire without Responsibility

  1. Gwendolyn H. Barry says:

    Extraordinary goods, Krell. The Chicago School of $ for nothing and your chicks for free was responsible for much despotism in south America too. Naomi’s “Shock Doc” gives much of the A, B, opps…. 2+2 on that.
    “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.” –this consistent us vs them / haves vs havenots is fostering some very bad future America. I listened to Olbermann give his take on ‘why’ folks with such obvious poverty or low income sustenance are ‘conservatives’… they really believe they will win the lotto. It’s rare that any think their way or dream and do their way into fortune. Shit. Ya know? Shit. Who raised these assholes? Yes, well we must stretch and grow our political muscles! Information is the currency of future… hell, of NOW. Thanks Krell, for such large deposits! Great work. 🙂

  2. Krell says:

    There hasn’t been a book that I have read recently that has stirred up more thought in my mind than Naomi Klein’s “The Shock Doctrine”. It is a masterpiece of words that delivers a concept, a idea… that makes you think “Oh my God!! She has nailed it” when the concept wasn’t even thought about before, it was so alien.

    To me, that alumni of the Chicago School of Assholes is the real group of terrorists. Implementing ideas without thought of consequences, spawning a whole group of American exceptionalism and imperialism. Shit! Just SHIT!!

    Thanks, Gwen.

  3. jackjodell53 says:

    Outstanding post, Krell. I just don’t understand this supposed resurgence in such an obviously flawed concept as “laissez faire”. Adherents of Friedman are blind, ignorant fools, and Ayn Rand is an absolute fraud. The Great Depression should have cured this country of any inclination toward laissez faire, and if it didn’t, the recent market collapse CAUSED by laissez faire should have certainly done so. How many more depressions and Great Recessions will we have to endure before these free market morons learn that it is NOT in this country’s best interest to let the rich have their way and to hell with everybody else?

    • Krell says:

      Thank you, Jack. Indeed, how many more cycles of bubble, burst, bubble must the American public be forced to endure for the sake of Wall-Street?

      It is hard to believe that the old bittie, Ayn Rand, is still the topic of discussion today, isn’t it?

  4. osori says:

    Krell,
    The “Without Responsibility” is the perfect addendum to the Chicago School’s twisted roots, and you just shined the light of truth onto it. Great job-worthy of Naomi!

  5. scaredstiff says:

    Krell, always the teacher! I know when I get to read your work I’ll always learn something. As they say everything old is new again as with Rand.

  6. Pingback: Milton Friedman Speaks… | salesmarketingessentials

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