Michael Moore communist? – just when I was wondering what he is up to, the LA Times has a writeup about his new film advocating the end of capitalism. Who could have seen that coming? If Capitalism is the problem, what is the solution?
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If Michael Moore thinks that capitalism is a problem, he should distribute the film for free via YouTube to “the people.” Think that will ever happen? Capitalism isn’t the problem – it’s failed capitalists with very little talent and no skills who assume they are entitled to the same rewards as those who create something of value (read that as “people like Michael Moore’) who are the problem.
I’ll get ever more specific – why this happened is that the government (and the Fed) put itself in the position of protecting against risk basically for free. Freddie Mac and Fannie Mae were designed to specifically not have a US Treasury pipeline in the event they screwed up big time. People started to bet on the idea that if / when the market collapsed that the US Government would step in and provide additional guarantees or funding. If people believed Freddie Mac/Fammie Mae was a risky investment, they would have had to pay more to sell their bonds, which would have made conventional financing more competitive. Real Banks and mortgage lenders have to price risk into their margins – the Government doesn’t. Conventional lenders can’t compete against a government subsidy – same problem with a “public option” for health insurance. A government run option will drive all the other risk-based businesses out of the business.