There is a real danger in reading this post. Your eyes will likely cross, gloss over, and a bit of spittle will possibly begin to trickle from the corner of your mouth. In my attempt to understand the causes of the recent financial crisis, I, by necessity, undertook what has turned out to be self torture - the attempt to understand the mechanisms and definitions of the "shadow banking system." Mortgage backed securities are the most well known component of this shadow system. The least painful exposition of some of these instruments has been provided by Mr. Holloway. Read his article "Is this complicated, or What?," by scrolling to the last article on the page.
We all want people who need health care to get care, just as we all want the hungry fed, etc. In accomplishing this, however, it is immoral to revoke another human's right to the product of his mental and physical effort - his property. It is evil to steal from Bob and give to Jane, and this will always be the case, even if Bob is rich and Jane poor. (This may not have been true in the case of a rich feudal lord or monarch whose wealth came by forcible economic rape of the people, BUT, in American capitalism, wealth is CREATED by the producer of value through mental or physical effort. The value is in the created good or service. Men voluntarily trade monetary markers of value for that CREATED value. Except for those rich who became so and thrive by lobbying (bribing) the government to favor their company/interests with legislation, regulation, or the competition stifling tax code --- except for those evil parasites --- wealth in America is NOT come by through the oppressi...
Comments