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Fri Apr 22, 2022, 06:31 PM

Is Capitalism broken?

I can't get beyond thinking that inflation is driven by politics becase it could easily go away if those price gouging companies ceased gouging. It benefits them at a time like this to keep the public outraged at Democrats. But very unhealthy for our economic system. Before the Limbaughs of the world were paid outrageous salaries to promote shredding the safety net, we had a healthy middle class. And we weren't told to fear an educated public.

I also think because the number of monthly bills has more than doubled over the past 30 years, that most of us will never be able to have enough money to pay for all the extras we've come to rely on.

If gougers were controlled, they would cry "Socialism!" But they give Capitalism a very bad name and seem intent on destroyimg the whole thing. WE ARE THE ECONOMY.

Then there's this from The New Republic, that I missed:

"Don’t be hoodwinked. It isn’t Joe Biden who’s making record profits and gouging U.S. consumers. That would be corporate America.

The prices of everyday goods are going up, and everyone from members of Congress to talking heads on cable news have their own diagnoses as to why it’s happening. But they’re all missing the biggest piece of the puzzle about what is to blame—namely, corporate profiteering.


https://newrepublic.com/article/164505/inflation-corporate-profiteering-biden-consumers

21 replies, 921 views

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Arrow 21 replies Author Time Post
Reply Is Capitalism broken? (Original post)
SleeplessinSoCal Apr 2022 OP
smirkymonkey Apr 2022 #1
Eko Apr 2022 #2
leftstreet Apr 2022 #9
In It to Win It Apr 2022 #10
anarch Apr 2022 #15
bucolic_frolic Apr 2022 #3
Wounded Bear Apr 2022 #4
SleeplessinSoCal Apr 2022 #5
WhiskeyGrinder Apr 2022 #6
TheRealNorth Apr 2022 #7
Ron Green Apr 2022 #8
uponit7771 Apr 2022 #11
In It to Win It Apr 2022 #12
Sympthsical Apr 2022 #13
muriel_volestrangler Apr 2022 #14
SleeplessinSoCal Apr 2022 #19
Edim Apr 2022 #16
speak easy Apr 2022 #17
Emile Apr 2022 #18
SleeplessinSoCal Apr 2022 #21
jalan48 Apr 2022 #20

Response to SleeplessinSoCal (Original post)

Fri Apr 22, 2022, 06:35 PM

1. K&R

 

Yes, unregulated capitalism is not sustainable and is ultimately a disaster for all but those at the very top.

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Response to SleeplessinSoCal (Original post)

Fri Apr 22, 2022, 06:36 PM

2. Its not broken, its doing exactly what its supposed to do.

Make the rich richer and everyone else poorer.

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Response to Eko (Reply #2)

Fri Apr 22, 2022, 07:50 PM

9. +1

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Response to Eko (Reply #2)

Fri Apr 22, 2022, 08:32 PM

10. Right!

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Response to Eko (Reply #2)

Sat Apr 23, 2022, 04:24 AM

15. yeah I came in here to say pretty much this

it's not "broken," it's just awful to begin with

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Response to SleeplessinSoCal (Original post)

Fri Apr 22, 2022, 06:40 PM

3. Workers always fall short, it's just that now they have an excuse to bleed you more

It never makes sense to work for anyone because you never get paid what you're worth.

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Response to SleeplessinSoCal (Original post)

Fri Apr 22, 2022, 06:42 PM

4. Not really, it just needs meaningful regulation to avoid becoming fascism...

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Response to Wounded Bear (Reply #4)

Fri Apr 22, 2022, 06:56 PM

5. One huge problem today is that lying is is the norm.

We experience reality. But then are flooded with lies. It only succeeds in making us depressed and feeling hopeless. TFG should be rotting away in prison for what he did January 6, 2020. The sheer will power of that beast is devastating to us as a so-called nation of laws. That is how we've been described historically. Also, if the business of America is business, what does that say about how much cheating and gouging goes on to create so many monopolies?

Where are the antitrust laws today?

https://www.classlawgroup.com/antitrust/

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Response to SleeplessinSoCal (Original post)

Fri Apr 22, 2022, 07:00 PM

6. Nope, working as designed.

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Response to SleeplessinSoCal (Original post)

Fri Apr 22, 2022, 07:09 PM

7. When capitalism is not regulated and ownership class has unchecked political and legal power....

Things will get bad. See France, where racism is being used to divide the workers and the only option is Macron, who is advocating for further cutbacks to the social safety net, and Le Pen, who whispers sweet nothings about maintaining the social safety net, but in reality serves the interest of the same ruling class and will remove the benefits and protections of its perceived enemies in favor of maintaining those same protections and benefits for the "chosen" allies (at least for a while).

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Response to SleeplessinSoCal (Original post)

Fri Apr 22, 2022, 07:44 PM

8. "The problem with Capitalism...

…is that there are not enough capitalists.”

— G.K. Chesterton

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Response to SleeplessinSoCal (Original post)

Fri Apr 22, 2022, 08:33 PM

11. No, the gaurdrails around it no doubt are

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Response to SleeplessinSoCal (Original post)

Fri Apr 22, 2022, 09:10 PM

12. Capitalism isn't broken. Capitalism is a means to an end. It's nothing more than a system.

Capitalism can have negative consequences. Capitalism is doing what it's supposed to do.

- Inflation can happen with capitalism.
- Outrageous salaries can happen in capitalism.
- A healthy middle class or no middle class at all can happen in capitalism.
- Recessions can happen in capitalism.
- Homelessness can happen in capitalism.
- Fraud, corruption, price gouging, child labor and so many other things can happen in capitalism.
- Capitalism doesn't need an educated public or a social safety net.
- Capitalism allows people to be down on their luck, and homeless and starving.
- Capitalism allows people to work full time jobs and still not afford housing.
- Capitalism allows people to work full time jobs for 30 years and still not have enough for retirement
- Capitalism allows people to be worked until they're in the ground

Capitalism is emotionless.
Capitalism is ruthless.

Capitalism doesn't abide by rules and tenets that would produce what we would consider a healthy economy. The system of capitalism can throw everything we care about out the window. It is up to us, the people, to use and manage capitalism to achieve the ends we want. We have to put people in power who will create rules for capitalism that will achieve the most good for the most people. Capitalism isn't broken. The rules for managing capitalism and the rule-making system are broken. Capitalism by itself doesn't create a safety net for people who can't afford to live. Capitalism unmanaged will not solve every problem.

The people who scream the loudest about how good capitalism is are the people who have benefited most from it. They don't like rules that change the system they know because it works for them exactly the way it is. They will scream to the mountaintops that markets work and are efficient because people will transact rationally but that assumes that market participants think rationally 100% of the time.

The right loves to tell people that capitalism is good if you would get off your and work. What the right doesn't tell you is that you can work your ass off and put in maximum effort and still end up at the bottom of the totem pole. The right will happily leave you behind. They will happily pay you minimum wage while the cost of living increases, leaving you at the bottom of the totem pole.

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Response to SleeplessinSoCal (Original post)

Fri Apr 22, 2022, 09:17 PM

13. Unregulated capitalism with a heavy dose of corporate socialism doesn't work

But, that's where we are right now.

People focus on the capitalism part and kind of ignore how much corporations are subsidized by taxpayer dollars. Sweetheart deals, tax breaks, bail outs when they fail.

Is it capitalism if you become so powerful, the government will make sure you cannot fail?

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Response to SleeplessinSoCal (Original post)

Sat Apr 23, 2022, 04:20 AM

14. Before thinking "to keep the public outraged at Democrats" or "U.S. consumers", check abroad

https://tradingeconomics.com/germany/inflation-cpi Germany 7.3%, highest since 1981
https://tradingeconomics.com/france/inflation-cpi France 4.5%, highest since 1985
https://tradingeconomics.com/japan/inflation-cpi Japan 1.2%, highest since 2018
https://tradingeconomics.com/united-kingdom/inflation-cpi UK 7%, highest since 1992

This is not just a US thing. Now, perhaps that does mean it's "capitalism" in general, but if your measure is just inflation, then it's not as broken as it was in the 1970s.

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Response to muriel_volestrangler (Reply #14)

Sat Apr 23, 2022, 12:18 PM

19. My measure is the failure of trickle down

Exacerbated by price gouging for political reasons.

Why did the DJIA rise to incredible heights with an irresponsible 45th POTUS? And why doesn't Wall Street take nonacrion on climate change into account? How do they pick and choose what drives markets?

There is no remedy when lying about serious matters is no longer a thing. We seem to have turned into a mafia style system. Nothing remotely like the founders had designed.

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Response to SleeplessinSoCal (Original post)

Sat Apr 23, 2022, 05:09 AM

16. As long as the working class is exploited

and it is in capitalism, it can not end well and the system is 'broken'.

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Response to SleeplessinSoCal (Original post)

Sat Apr 23, 2022, 05:16 AM

17. Without Regulation, Capitalism will break itself

... see Great Depression, Great Recession.

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Response to SleeplessinSoCal (Original post)

Sat Apr 23, 2022, 05:16 AM

18. Predatory Capitalism is doing their best to break it.

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Response to Emile (Reply #18)

Sat Apr 23, 2022, 01:50 PM

21. My suspicion is that the politics of it is geared to hurt Democrats.

Maybe this is another reason the Tucker Carlsons of the world so brazenly champion autocratic despots. Why on earth do people not advertise his/their salary when referencing the obscenity of their profession?

I gather Orban isn't the murderous tyrant that Putin is, he may just be a fascist strong man. Sounds like the election in Hungary is not questioned. Is that part of this new partnership?

https://newrepublic.com/article/166154/2022-cpac-conference-budapest-hungary-orban

Everything is lining up for a repeat of WW2. Only we may also be fighting a civil war at home. I think if Capitalism was repaired to work as advertised, we could avoid it.

Found this: https://www.mckinsey.com/featured-insights/long-term-capitalism/rethinking-the-future-of-american-capitalism

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Response to SleeplessinSoCal (Original post)

Sat Apr 23, 2022, 12:21 PM

20. Our physical environment says yes.

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