Should Private Property Exist Any More In America
Our nation was founded under the principles of individual rights......you know...life, liberty and the pursuit of happiness. At the outset, it was just for white men....and then legally expanded to all. Some liked the expansion, many didn't......FWIW, I thought it was a good thing and I supported the principles which our nation operated.....as a matter of fact, I went so far to become an attorney and practice for a while as a litigator.
With individual rights comes individual responsiblities....you can't have one without the other.....and when a society avoids its responsibilities......rights inevitably erode. For the past three years, I have been blogging as the ranting blogger under the name Alstry....documenting the erosion of our private property/individual rights system.....not as Republican or Democrat...but as a citizen....because from my perspective, BOTH parties are equally culpable.
To get to the point.....right now, basically everyone in America who has any wealth simply has it because they or their investments are a direct or indirect beneficiary of PUBLIC bailouts.......and it is the PUBLIC bailouts that allow these people to perceive themselves to be wealthy....NOTHING else.
Under the old system....there was no such concept of public bailouts.....at least no where near the scale we are seeing today. In 1990....most of the public homebuilders went bankrupt or crashed when the correction in housing was only a fraction of what it is today.......we made the executives and shareholders responsible and face the consequences of the poor business performance.....but this time around, the PUBLIC bailed out the Wall Street homebuilders and didn't bailout the private ones......so if you think about it, shouldn't the public own those homebuilders and not simply the shareholders and executives.....
Why should somebody that owns shares of stock in a company that was bailed out by PUBLIC money get a greater benefit than any other member of the society.....shouldn't the entire society get the benefit of the spoils of the bailout as it was the society that bailed out the company.
In 9/09 we stopped allowing anything on Wall Street or government to fail....and the government bailed nearly everything out.....while letting much fail in the private sector. Since the government is the public under our system, and that which was bailed out simply exists because of the public.....shouldn't ownership of all such enterprises be in the public domain.
Let's make one point clear....I am not advocating public ownership of everything....but it is the logical and fair conclusion of public bailouts on such a massive scale. When you are not willing to fail.....you should have no right to own....because with ownership comes responsibility and when you give up your responsibilities.....you give up your rights to ownership.
It is why the Garder Bros missed the boat.....they too should have been advocating for the failure of Wall Street firms if they wanted to dispense "investment" advice in a private ownership system. If the public bailed out the firms....then the public should own the firms. Plain and simple.....and the entire public at that.....not just a select few.
It is a very interesting time in America history...for those who really appreciate our history. We now function as a bailout nation.....everything we "own" has a value as a result of public bailouts and handouts......a Federal Judge gets a paycheck because the Federal Government is getting handouts....but a private construction worker is broke because he did not get a similar handout.
An owner of a public share of stock perceives value in that stock because his company got a handout, the owner of a private company loses everything because he/she didn't get a bailout and the taxes they paid went to support the competitor.
This is not capitalism...this is crony communism/fascism. Trust me, Buffett understands this yet remains silent on the subject because he is the primary beneficiary of this new system. In the end, it may not be a bad thing as we move forward in the Digital Age....as more and more is being operated by machines and human production is playing a lesser and lesser role in our society.
I am not sure where this is going...but to call the advice that the Garder Bros and other outles are dispensing "investment advice" is laughable on its face and potentially rises to the level of outright fraud on the facts.
We now live in a Public Bailout nation......everything has value because of a direct/indirect bailout or handout. In such an environment, the legal concept of private property rights is very cloudy. Why shouldn't a taxpayer or citizen whose money was partly responsible for bailing out a company have a beneficial interest in the success or failure of that company....to the same or greater degree as the shareholder and executive?
Why should we allow anyone to fail anymore? Why should we give handout to the banks and not the citizens? or the Wall Street companies and not private companies? or Federal Workers and not citizens?
If you think this line of argument is not waiting right around the corner.....you are not thinking.....it is simply the natural consequence of what happens when a nation gives unlimited credit to its government and Wall Street.....and allows credit to be cut off to the private sector.
Now the question is simple...who has the moral and legal right to own anything when such ownership is the direct/indirect beneficiary of a PUBLIC bailout? It becomes very murky when you are applying a capitalistic legal system in a Communist/Fascist economic system.......
Do you think there is any practical difference when an insolvent person borrows on a credit card or an otherwise insolvent public corporation/government borrows billions simply to pay its employees? In both cases, it was the credit which drove the spending and credit should be dispensed to both or none.
Soon you too will understand why Alstry was the ranting blogger....he tried to save capitalism....but he obviously failed.....as the citizens were addicted to the ticker and handouts.......and no longer cared about responsibility. We NEEDED the market to CRASH to save capitalism....failure is the consequence of FREEDOM.....and the majority of our business executives failed, yet never faced the consequences.....and capitalism died in the process.
In the end, it may be a good thing....or may not.......but one thing is for sure.....it is the end of a world as we knew it......and welcome to the Digital Age.