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TMFBent: teh Arch Conservative

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December 04, 2007 – Comments (11)

Yup, this bike- and mass-transit riding, Suck-V hating, Carleton-college going, Mizzou J-school going, Bush-bashing, Bernanke-baiting, Paulson-pounding, stock market observer has been dubbed a "conservative," by Huffington Post blogger Danny Schechter.

But one of them actually did off some analysis by a conservative who, this is rich, compares the supercapitalist Paulson to a communist. Seth Jayson, writing on the financial website Motley Fool called it "a plan to punish the public," and a reminder that there are away unintended and unspoken of consequences of governmental intervention in the affairs of the holy sanctum of the market:

Whole thing here.

I appreciate the attention, Danny, but the pigeon-hole doesn't exactly fit. Expecting Wall Street honchos to leave the market alone when it turns bad for them and their buddies is neither conservative nor liberal -- it's just fair. But it's a lot more than that. A market that's all carrots and no stick is a market that will not efficiently allocate capital. It's a market that will chase one asset bubble, then another, then another, ultimately wasting trillions of dollars, rather than putting it in places where it can build our country by (gasp) generating real returns on investment.

Greed is real. Greed is powerful. That's why I believe in letting the markets sort things out, even and especially when that means overextended speculators have to take their lumps.

11 Comments – Post Your Own

#1) On December 04, 2007 at 1:48 PM, reddingrunner (95.03) wrote:

"Greed is real. Greed is powerful. That's why I believe in letting the markets sort things out," -

Sorry, Seth, but that IS a conservative position.  You may be liberal in many things but liberal political theory calls for the government to step in and regulate and mitigate the free market whenever it produces unpleasant results; conservative political theory argues that minimal regulation (with maximal transparency) is ultimately more just and fair even and that thus, short-term pain should be accepted, not interfered with.

Anyway, I'm a conservative AND I ride a bike, so I guess I'm not all that consistent either!

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#2) On December 04, 2007 at 2:00 PM, GS751 (27.45) wrote:

the whole credit situation leaves me livid.

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#3) On December 04, 2007 at 2:17 PM, Gtrinvestor (99.75) wrote:

I have to agree with reddingrunner... such a capitalistic and free market enterprise position is what (at least used to be) the conservative / right wing approach to economics.  However, back scratching and pork barrel economics is something all politicians have had a hand in forever.

That we should protect the ignorant and gullible is the liberal approach, which is clearly why this new policy started out in Cal (even though "conservative" Arnold is out there in Cali, he has evolved to more of his Kennedy wife's political views every day).

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#4) On December 04, 2007 at 2:27 PM, Imperial1964 (97.84) wrote:

Yeah, it makes me livid too.

A friend of mine and his wife together make half the money I do, bought a bigger house (no money down) and have 15-year newer cars than mine.   He worked construction for a low-paying, low-quality subcontractor, and she works as a clerk at the gas station.  She has $30k of student loans outstanding and owes several thousand on her car.  They live in Illinois and one month before they bought the house they were in court for defaulting on their maxed-out credit cards from his last layoff.  Anybody see a problem here?

For one, construction workers in Illinois spend the winter months either unemployed or underemployed.  And for another, they don't have health insurance.  I don't see how anyone involved thought they could make the payments on the house for 30 years.

 

Back on topic, though, I got a good laugh about labeling Seth a conservative.

And I ride a bike too.  A motorcycle.  It's much more fun--and gets 75 MPG. :D

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#5) On December 04, 2007 at 2:28 PM, saunafool (98.79) wrote:

I agree with Bent. Belief in free markets is not left or right, certainly not Democrat or Republican.

Historically, the left has pushed for government controls on big business; the right has pushed for government support of big business. Support generally involves writing the rules to favor certain companies and industries, often the ones faced with international competition. Often to the detriment of free competition and letting the chips fall where they may.

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#6) On December 04, 2007 at 3:13 PM, abitare (50.12) wrote:

Nothing to add... Who has time to do research anyways? He is paid to write the story. Accuracy is just "icing on the cake"... right?

Will it help if I repost the youtube video of Ron Paul grilling Helicopter Ben and Paulson?

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#7) On December 04, 2007 at 3:45 PM, TMFBent (99.81) wrote:

Heck, let's embed it! (coming right up...)

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#8) On December 04, 2007 at 3:49 PM, TMFBent (99.81) wrote:

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#9) On December 04, 2007 at 4:57 PM, abitare (50.12) wrote:

Lol! Helicopter Ben and Paulson made the Doctor angry.

Paulson has to feel like a scumbag if he has any type of soul. GS has made big money from buying/selling the FED created housing / mortgage bubble. The dollar has fallen 10% since he has taken over? and Paulson keeps stating "strong US dollar is our nationial interests".

Now Paulson is supposed to remedy the situation that made his company so much money? The idiocy is amazing. I wonder how Paulson kept a straight face during the questioning. 

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#10) On December 04, 2007 at 5:16 PM, rd80 (97.94) wrote:

Seth,

A warm welcome to the Vast Right Wing Conspiracy!

I share your concerns over the government sticking it's nose (and our tax dollars) into this mess.  Politicians from both sides have stated there won't be a taxpayer funded bail out, which probably means they're busy figuring out a way to do exactly that.

BTW,  Danny Schechter's blog struck me as a disjointed, unfocused mix of ranting and gibberish.  Certainly wouldn't be worthy of a rec at the Fool.

Fool On!

Russ 

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#11) On December 04, 2007 at 6:58 PM, GS751 (27.45) wrote:

haha this post made my day.  Don't take it too hard man.  Join the club of people who like bikes.

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