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Mike Pento And Keith Boykin: "We Are All Greedy And Selfish"

Tyler Durden's picture




 

Pento's earlier return to CNBC can only be attributed to the ratings surge resulting from the episode of him being "rude" and kicked off by Erin Burnett, after he dared to question her assumption that the world will continue to fund US debt in perpetuity. Nonetheless the tension (of somewhat ambiguous origin) between the two remains which may explain why Mike Pento appeared on the Kudlow show to discuss how Obama can satisfy Wall Street. Pento was sterling as usual, saying Obama's best bet is to convert to the tea party, but absent that he "should remove Ben Bernanke, and put the head of the Fed should be someone who is not so enamored with counterfeiting, and put someone who believes in markets. That would help to a great degree." Yet today's moment of insight comes from Keith Boykin who points out that the conflict between Wall Street and Main Street continues, in that the former couldn't care less about jobs (unlike the latter), and are much more fixated on the bottom line. Although obviously without jobs, the economy will crumble, which explains why Pento once again points out the obvious that America, to be competitive with the Chinese, should "lower taxes, lower wages, and reduce regulations" - all three of which have virtually no chance of passing in a country used to being coddled by cheap credit and ever rising wages, even if this money continues being devalued day to day. And while Boykin seems unable to grasp the concept that a bottom line has an expense component to it (i.e., cutting record bloated government spending), the line of the day goes to him: "We are all greedy and selfish." And there you have it - Americans can look at the administration for answers, at Wall Street for scapegoating, but fundamentally, when it comes down to actual change, this can only happen at the individual level. And deluding oneself and preventing any real change is what the average American individual excels in, more than anyone else in the world. 

Full clip below: fun stuff begins around 2 minutes in.

 

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Sat, 09/18/2010 - 14:57 | 589798 CrockettAlmanac.com
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The PTB convinced women that being wage slaves gives life meaning and that taking care of one's home and family is slavery because the bankers realized that they were leaving profits on the table by not taking a cut on the labor of the feminine half of the human race. With women in the workforce earning FRNs and with childcare, food preparation, etc. being outsourced to new industries, the bankers doubled the amount of wealth they could extract from the herd.

While any talented person, male or female, should have the freedom to pursue any goal, I for one find my home time to be far more valuable than time spent behind the conveyor belts of factories and warehouses and the counters of retail outlets. One of the nice things about the pre-Fed world was the prominence of the home business where man, wife and child could live and work together for a visible common end. The farmers, shopkeepers and owners of light industry lived a life which is not exceeded by the existence of two worker households full of the latest gadgetry blaring out the latest dramatic and musical drivel.

Thu, 09/23/2010 - 02:03 | 599258 Maniac Researcher
Maniac Researcher's picture

Styccho -If you are referring to women here, I suggest you take note of E.P. Thompson's The Making of the English Working Class which demonstrates that women have been participating in the workplace (to a significant degree) since the first industrial revolution of the late 18th and early 19th century. Saying that this has only occurred since the advent of credit cards is historically disingenuous. Period.

..of course there is quite a lot of that going on around ZH these days...perhaps people should read a bit more before making great assumptions about the world --

Fri, 09/17/2010 - 20:28 | 588895 Blano
Blano's picture

I don't know why you got junked.  I completely agree and that's a point I've tried to make.  Most people have to spend most of their day surviving and have little time to ponder the Fed, derivatives etc. including myself sometimes.

Fri, 09/17/2010 - 21:55 | 589022 CrockettAlmanac.com
CrockettAlmanac.com's picture

So people would be better off if they were free to live their own lives (of which they are intimately aware) rather than having to try to keep up with and continually adjust to the vagaries of  politicians and bankers, right?

Fri, 09/17/2010 - 21:15 | 588966 Rick64
Rick64's picture

You forgot watch t.v. for 4 hrs. each day. Where would they find the time to educate theirselves?

Fri, 09/17/2010 - 16:02 | 588467 Running on Empty
Running on Empty's picture

So as I understand it Pento wants cheap fucking

labor a collapse of all asset classes and the gov't to stop

spending and that will solve all of Americas problems.

Be careful what you wish for Pento because these may be

the best of times for people like you.

 

Sat, 09/18/2010 - 03:03 | 589295 StychoKiller
StychoKiller's picture

The expotential functions involved in compound interest guarantee that a collapse is coming, so be ready for it!

Sat, 09/18/2010 - 13:02 | 589644 CrockettAlmanac.com
CrockettAlmanac.com's picture

Yes, it's inevitable. And how sad that compound interest, which under a sound money system was so beneficial, has been twisted into an instrument of destruction.

Fri, 09/17/2010 - 16:03 | 588468 Something Wicke...
Something Wicked This Way Comes's picture

Mbasham...Don't let the door hit you in the ass. Would you hit the lights, please?

Fri, 09/17/2010 - 16:03 | 588469 Gully Foyle
Gully Foyle's picture

I take none of you greedy selfish sons of bitches ever looked in a mirror? Jesus everything from the tepid Deepak Chopra topics of CD to the Guns and Gold "Gubberm'nt ain't taking shit from" me is ALL about defending your piece of the crust.

I know a few of you understood you were the problem, and tried to move beyond that.

But the rest need to wake the fuck up. Life is change and you ain't swimming no raging floods strapped with a ton of Gold, or money, or guns.

 

Fri, 09/17/2010 - 16:08 | 588475 scratch_and_sniff
scratch_and_sniff's picture

all you need is love.

Fri, 09/17/2010 - 16:11 | 588485 UninterestedObserver
UninterestedObserver's picture

? LOL it's Friday - you people need to take your meds or start drinking (or both).

Fri, 09/17/2010 - 17:14 | 588614 CrockettAlmanac.com
CrockettAlmanac.com's picture

I take none of you greedy selfish sons of bitches ever looked in a mirror? Jesus everything from the tepid Deepak Chopra topics of CD to the Guns and Gold "Gubberm'nt ain't taking shit from" me is ALL about defending your piece of the crust.

Nice to hear that you are not greedy and that you want other people to take possession of the fruits of your labor. Please place all your worldly goods on the sidewalk in front of your house and I'll come by and pick them up.

To do otherwise would be so selfish of you.

Fri, 09/17/2010 - 17:45 | 588680 pan-the-ist
pan-the-ist's picture

All I get when I read your posts is "waaa!2!2!!!11 I don't wanna pay taxess waaa!1."

Fri, 09/17/2010 - 17:57 | 588700 CrockettAlmanac.com
CrockettAlmanac.com's picture

Whereas you want to give money to people who will use it for purposes which you find to be morally repugnant.

Since you don't seem to like me, perhaps you'll throw some cash in my direction. I promise to use it in ways that will piss you off. Just like taxes. You'll love it.

Fri, 09/17/2010 - 18:40 | 588738 pan-the-ist
pan-the-ist's picture

Good luck with your 'no government' approach.

Fri, 09/17/2010 - 19:10 | 588769 CrockettAlmanac.com
CrockettAlmanac.com's picture

Good luck with appointing people who don't give a damn about you to rule over you.

Fri, 09/17/2010 - 19:26 | 588790 pan-the-ist
pan-the-ist's picture

Would you feel better if Obama gave you a hug?  Did Sarah promise to give you a hug if you voted for her?

Fri, 09/17/2010 - 19:34 | 588807 CrockettAlmanac.com
CrockettAlmanac.com's picture

I do not care for Sarah Palin. She's a big government war monger. Which is why I don't understand why you haven't volunteered for her campaign.

Obama and Palin are more alike than different. Perhaps you didn't get the memo.

Fri, 09/17/2010 - 22:44 | 589072 pan-the-ist
pan-the-ist's picture

Keep spinning pal.

Fri, 09/17/2010 - 23:02 | 589099 CrockettAlmanac.com
CrockettAlmanac.com's picture

What do you mean?

Sat, 09/18/2010 - 10:40 | 589482 Jerome Lester H...
Jerome Lester Horwitz's picture

It means he has nothing left to say that has any intellectual value! Point awarded to Crockett! 

Fri, 09/17/2010 - 23:08 | 589108 MurderNeverWasLove
MurderNeverWasLove's picture

I think that's your head that's spinning.  Never known Crocket to spin, or need to spin anything.   What for?  Spin is for amateurs, Party members, corporate media heads, and other assorted numbskulls, pimps, liars and their paid help.

 

Pot kettle black and all, what's your excuse?

 

Sat, 09/18/2010 - 03:08 | 589300 StychoKiller
StychoKiller's picture

"To take from one, because it is thought his own industry and that of his
fathers has acquired too much, in order to spare to others, who, or whose
fathers, have not exercised equal industry and skill, is to violate arbitrarily
the first principle of association, the guarantee to everyone the free exercise
of his industry and the fruits acquired by it." - Thomas Jefferson

All we demand is that the Govt. be returned to the chains of the US Constitution -- read it sometime.

Sat, 09/18/2010 - 03:06 | 589298 StychoKiller
StychoKiller's picture

I do not recall being consulted about TARP, bank bailouts, enlarging the Liviathan Govt, etc., so go bitch at TPTB!  BTW, I junked you (my first, but you so deserve it!)

Fri, 09/17/2010 - 16:08 | 588476 curbyourrisk
curbyourrisk's picture

Lower Wages????  Are you nuts?  it is wage deflation that has gotten us here in the first place.....  I have gone over this with you Pento.....

Fri, 09/17/2010 - 17:28 | 588644 NotApplicable
NotApplicable's picture

Well, you can either lower wages directly, or you can do it indirectly via the chicken-shit Keynesian way (which is what got us here in the first place).

Fri, 09/17/2010 - 16:10 | 588482 hugolp
hugolp's picture

Pento for president!!

Fri, 09/17/2010 - 16:14 | 588491 Running on Empty
Running on Empty's picture

Already have an Asshole for a president, why replace him with another.

Fri, 09/17/2010 - 16:50 | 588555 SRV - ES339
SRV - ES339's picture

Ah... did you not hear Bush was replaced by a guy with an IQ over 50!

Fri, 09/17/2010 - 19:55 | 588838 Jerome Lester H...
Jerome Lester Horwitz's picture

An IQ of 51 is hardly an improvement!

Sat, 09/18/2010 - 17:39 | 589974 SRV - ES339
SRV - ES339's picture

Now there's an "intellectual contribution" if ever I've heard one.

Sun, 09/19/2010 - 18:36 | 591034 Jerome Lester H...
Jerome Lester Horwitz's picture

Just keeping it on your level of comprehension!

Fri, 09/17/2010 - 16:11 | 588484 shargash
shargash's picture

Adjusted for productivity, American workers are not that much more expensive than Chinese workers. The problem is that Americans have not been coddled by ever-rising wages. Wages have been flat (down if you correct for real inflation, not the government-manufactured number).

Output per hour worked (i.e. productivity) is at a record high. Unit cost of labor is at a record low. We don't need lower wages. We need the financial parasites to stop squeezing every last cent of value out of the system and let a few pennies trickle down to the workers.

Fri, 09/17/2010 - 17:55 | 588689 pan-the-ist
pan-the-ist's picture

We need less productivity so that more work, white collar and labor, is available.  Getting rid of the H1Bs and the migrants would be a huge step forward.

Sat, 09/18/2010 - 22:04 | 590207 Calmyourself
Calmyourself's picture

Your a racist..  Having a migrant worker for a friend is no excuse, racist..

Fri, 09/17/2010 - 16:15 | 588495 Something Wicke...
Something Wicked This Way Comes's picture

Look. Since the dawn of time, men have been greedy and materialistic. All men.

This is not some fuckin news flash. Pure capitalism and free markets once accepted and embraced this idea. While greed is never good, true and free markets were the best and most level playing fields. Even immigrants had a shot at whatever materialistic dream they had.

That shit no longer exists. We have crony capitalism, a rigged playing field, and some illusion that you can get ahead. You can't. How are you gonna get ahead when combined government is taking 70% of your earnings off the table? Diluting what's left over with asswipe fiat. Go ahead and buy into that shit if you need to. We're just sorting out the chaff.

 

 

 

Fri, 09/17/2010 - 16:26 | 588516 EllisWyattOTC
EllisWyattOTC's picture

RIGHT ON! CRONY CAPTIALISM IS THE REAL PROBLEM!

Fri, 09/17/2010 - 17:17 | 588623 CrockettAlmanac.com
CrockettAlmanac.com's picture

Crony capitalism is only possible because of government. In fact, redistributing wealth from producers to political allies is the sole purpose of government.

Government is the problem.

Sat, 09/18/2010 - 10:11 | 589460 pan-the-ist
pan-the-ist's picture

So- any government that isn't redistributing wealth isn't benefiting politcal allies, isn't it?

Sat, 09/18/2010 - 13:05 | 589647 CrockettAlmanac.com
CrockettAlmanac.com's picture

Did you have something specific in mind?

Sat, 09/18/2010 - 14:05 | 589732 pan-the-ist
pan-the-ist's picture

Do you?  You've already lost because you're argument has been reduced to 'all government is bad.'

Reductio ad Absurdum.

Sat, 09/18/2010 - 15:02 | 589823 CrockettAlmanac.com
CrockettAlmanac.com's picture

If I've lost why do you continue to try to refute my arguments?

Fri, 09/17/2010 - 18:35 | 588735 puckles
puckles's picture

Not to mention women...ever check out the Russian brides websites???  At least they own it...

Fri, 09/17/2010 - 16:22 | 588498 goldmiddelfinger
goldmiddelfinger's picture

Conditions for political revolution:

1- Large pre-existing income/class inequality

2- Social upheaval due to, e.g., war, plague, financial crisis

3- An (accepted) promise from specific political leader(s) to fix problem

4- A renewal of the upheaval highlighting failure of promises made above

 

 

 

Fri, 09/17/2010 - 16:17 | 588499 bmwmc
bmwmc's picture

"Let deflation run its course"

 

Yea, good call Pento you fucking idiot!

Lets watch the entire economy crash and burn with everything worth nothing and riots in the street for bread and milk.

 

What a fucking dope!

 

Fri, 09/17/2010 - 16:23 | 588510 AccreditedEYE
AccreditedEYE's picture

You are kidding yourself if you think valuations resemble ANY kind of reality right now. You can have the truth revealed as deflation would reset the board or you can continue to live in your world of hallucination created by the Fed balance sheet.

Fri, 09/17/2010 - 16:49 | 588553 bmwmc
bmwmc's picture

Your kidding yourself if you think markets are efficient and reflect true supply and demand.

Fri, 09/17/2010 - 16:55 | 588568 AccreditedEYE
AccreditedEYE's picture

That is EXACTLY what I just said to you. Prices on ALL asset classes are artificially high right now. How can you get pissed at a statement that begs the deflation storm to rip through the fog of government interference and reveal values for what they REALLY are?

Sat, 09/18/2010 - 10:23 | 589468 MsCreant
MsCreant's picture

Nice turn of a phrase here. A deflation storm to rip through the fog of government interference-- very nice.

Fri, 09/17/2010 - 17:20 | 588627 CrockettAlmanac.com
CrockettAlmanac.com's picture

Your kidding yourself if you think markets are efficient and reflect true supply and demand.

Markets (individuals making voluntary choices with their labor and their wealth) are far more efficient than socialism (people forcing other people to do things which they find to be personally injurious and morally repugnant).

People who despise freedom repulse me.

Fri, 09/17/2010 - 18:53 | 588753 bmwmc
bmwmc's picture

Does that go for crony capitalism?  The only form of market economics the world has ever known.  Or maybe you can enlighten me when cronyism has never been involved in any economic system.

Fri, 09/17/2010 - 19:17 | 588780 CrockettAlmanac.com
CrockettAlmanac.com's picture

Today I had a flat tire. The shop down the street lent me a compressor to reinflate the tire and I then drove down to the shop. They checked two tires I indicated as possible problems. One was OK, there was no charge for that. The other needed to be patched. Total cost was $13.07.

I can't believe that they provided me this level of service at such a low price. And they weren't just killing time either, the shop was jammed this afternoon.

No cronyism. Just a voluntary exchange of money for exceptional service.

 

Fri, 09/17/2010 - 20:16 | 588867 Calvin Jones an...
Calvin Jones and the 13th Apostle's picture

He was talking about companies like Comcast.  Not your local mom-and-pop tire change shop.

Fri, 09/17/2010 - 21:10 | 588958 CrockettAlmanac.com
CrockettAlmanac.com's picture

I watch free TV using rabbit ears, so you'll have to enlighten me in regards to any customer service issue you've had with Comcast. In any case, the point I made above remains valid: the voluntary transaction between me and the tire shop was more efficient than any possible big government tire patching plan you can envision.

Fri, 09/17/2010 - 21:36 | 588997 Mitchman
Mitchman's picture

Comcast has a cable monopoly in its areas of operation granted to it by the government.

Sat, 09/18/2010 - 10:26 | 589470 MsCreant
MsCreant's picture

I use it for internet because I have to, but I don't buy cable TV. I do have a big assed antenna though. Plenty of channels of shit on the TV to choose from...without cable. They really can bite me. 

Sat, 09/18/2010 - 13:11 | 589652 CrockettAlmanac.com
CrockettAlmanac.com's picture

I consistently receive three channels, some others pop up if conditions are right. But I can honestly say that I can find just as much worthwhile programming on those three channels as I did when I got 150 channels on the dish. And I save $744 annually.

Sat, 09/18/2010 - 03:12 | 589302 StychoKiller
StychoKiller's picture

Sorry, but the Economy (of the World) is gonna crash despite the US Govt, Obamatron and the Fed, so be prepared for it.

Fri, 09/17/2010 - 16:22 | 588507 EllisWyattOTC
EllisWyattOTC's picture

Milton Friedman on Political And Economic Greed

http://www.youtube.com/watch?v=RWsx1X8PV_A

Fri, 09/17/2010 - 17:59 | 588702 iota
iota's picture

There is no alternative way, so far discovered

 

Best get discovering then.

Fri, 09/17/2010 - 16:23 | 588509 theoakman
theoakman's picture

Rofl, what a tool.  You can't balance the budget and lower taxes at the same time?  It's sad that 90% of human beings do not have the brainpower to understand that it is possible to cut taxes and run a balanced budget.

Fri, 09/17/2010 - 16:31 | 588525 BobWatNorCal
BobWatNorCal's picture

But wait, how could that be done.
I hope you don't mean to suggest cut sp*nding?

Fri, 09/17/2010 - 16:50 | 588557 bmwmc
bmwmc's picture

Please tell us how or more to the point, who's ox gets gored?

Fri, 09/17/2010 - 17:22 | 588631 CrockettAlmanac.com
CrockettAlmanac.com's picture

who's ox gets gored?

Those who bred, fed and slaughtered the ox get to keep the ox or all proceeds deriving from sale of the ox in whole or in part.

Next.

Fri, 09/17/2010 - 17:47 | 588684 watchingdogma
watchingdogma's picture

So I take it you're from the "Spend more money none of us have because that's how things get done!" crowd. 

Fri, 09/17/2010 - 22:25 | 589027 Bananamerican
Bananamerican's picture

"Pento once again points out the obvious that America, to be competitive with the Chinese, should "lower taxes, lower wages, and reduce regulations" - all three of which have virtually no chance of passing in a country used to being coddled by cheap credit and ever rising wages"

 

which one of the Tylers wrote this shit?!?

The same fuckhead who loves him some illegal labor and H1-B's?

FUCK THAT DUDE!!!!!

So Pento's advice is to gutter down Amerika to China's melamine dumping, acid bathing, slave laboring, 80 hr a workweek suffering level huh?

"Bitches" bitches. Globalists, like witches, should be burned at the stake.

Sat, 09/18/2010 - 03:16 | 589305 StychoKiller
StychoKiller's picture

Sorry, hate to tell you this, but Kansas (status quo) is going away.

"It's a twister!  Aunty Em, Aunty Em!" -- "Airplane"

Sat, 09/18/2010 - 03:13 | 589304 StychoKiller
StychoKiller's picture

ALL OF THEM of course!

Sat, 09/18/2010 - 22:13 | 590213 Calmyourself
Calmyourself's picture

Everyone across the board say 10% just to get the logistics straight, then more..

Sat, 09/18/2010 - 01:01 | 589204 delacroix
delacroix's picture

how can an economy function, when 90% of the wealth is owned by 5% of the people? even at .5% interest, they will suck enough money out of the productive economy, to kill it, eventually. most of the wealth accrued, by these elites, was stolen. we don't owe them shit. they owe us. those resources, belong to everyone. the old deals need to be voided. there's not that many of these motherfuckers, but they,re hidden well.

Sat, 09/18/2010 - 10:29 | 589476 MsCreant
MsCreant's picture

Nice to see you back posting.

Fri, 09/17/2010 - 16:30 | 588523 hbjork1
hbjork1's picture

""We are all greedy and selfish." And there you have it - "

True, we enter the world that way.  But, unless we have an internal problem, as we grow up and older, we begin to relate to other people.  We likelly do love parents and siblings and eventually may indulge in self sacrifice to protect and preserve them. 

Then, when mature, we begin to fully understand that we are dependant upon others within the general society for quality of life itself.  The MD who suffered through medical school, took my case (which he didn't have to do) and cured what ails me deserves the high hourly rate I pay him.  It would cost me a lot more in lost function than what I paid anyway. 

The teachers that taught us, the people we borrowed solutions to life's problems from and those that stimulated us to be more and do more, the generations before that invented the world that we live in, in the normal individual at least, come to be recognized as part of the human family that has made possible the life that we have. 

In the modern world of wonders hardly imaginable in my early childhood, every day and every way we are standing on the shoulders of giants.  I am indeed selfish and want excellence around me in my life and world. To have that I have to think about and accomodate others. 

Of course, including every neighbor into an individual psychological family may be more expensive than we can afford and still survive.  Systems for exclusion of those we can't afford also has to be part of the learning process.  

Sat, 09/18/2010 - 03:20 | 589309 StychoKiller
StychoKiller's picture

True enough, but what/who has gotten us into the current situation are those that demand to have some of your property, simply because they "deserve" their fair share, and they'll get their "Big Brother" to point a gun at you to surrender it!  This is why Socialism is morally bankrupt.

Fri, 09/17/2010 - 16:31 | 588526 MrBoompi
MrBoompi's picture

Why didn't Reagan just tell us in order to compete with the Chinese, we're going to reduce everyone's wages to the level of Chinese wages over the next 40 years?

 

And at the same time, we're gonna let the top 1% go from taking 9% of our income to 27%?

 

We would have told him to go #### himself.

 

 

Fri, 09/17/2010 - 16:54 | 588562 SRV - ES339
SRV - ES339's picture

Please... stop making sense!

http://www.youtube.com/watch?v=-pCZ5E5tn4I

 

Fri, 09/17/2010 - 18:18 | 588719 kathy.chamberli...
kathy.chamberlin@gmail.com's picture

i am almost embarrassed to say this but i had hardly ever gone to youtube until i started reading ZH. but it still is like christmas morning, everyday now.

Fri, 09/17/2010 - 19:13 | 588774 SRV - ES339
SRV - ES339's picture

I understand completely... as a musician, the thousands of guitar instructional videos keep the Christmas (it's still OK to say that isn't it) spirit alive all through the year.

Fri, 09/17/2010 - 19:58 | 588795 Jerome Lester H...
Jerome Lester Horwitz's picture

Every time I read one of your comments I am reminded of this youtube clip:

http://www.youtube.com/watch?v=fEkWH8DB7b0&feature=related

Sat, 09/18/2010 - 03:22 | 589310 StychoKiller
StychoKiller's picture

Now that's just rude!

Sat, 09/18/2010 - 18:21 | 590016 kathy.chamberli...
kathy.chamberlin@gmail.com's picture

i don't care.

did you read the B I G sign behind him? good mantra

My Spouse

is sleeping

around,         {bitchez}

Sun, 09/19/2010 - 18:39 | 591039 Jerome Lester H...
Jerome Lester Horwitz's picture

I apologize Kathy. It was uncalled for. I am sure plenty of people here think the same thing about anything I post. Again, I am sorry!

Fri, 09/17/2010 - 16:45 | 588544 anarkst
anarkst's picture

Everybody wants something for nothing; the higher up you are on the food chain, the more you want for free.  Human beings...way over-rated species.

Fri, 09/17/2010 - 17:13 | 588611 iconoclast63
iconoclast63's picture

Having read all of the comments, there seems to be a point missed universally by all. Talk about human greed and selfishness fails to appreciate the actual creature at the root of all the avarice. That creature is an artificial person known as a corporation. This person, created by government fiat, MUST, by it's very nature, consume the maximum amount of human capital at the least possible cost.

It must pay the least it can in wages and charge the most it can for the products it shoves down the throats of it's peasants (you and me).

The idea that government, or even morality for that matter, can effectively manage or regulate the "fox" and thereby prevent him from eating the chickens once he has already gained access to the henhouse is ridiculous on it's face.

Corporations MUST, by their very nature, morph into monopolies, control to the maximum extent possible the political process, accumulate ever increasing amounts of wealth ad infinitum.

When contemplating the flaws of the "free market" we must first recognize that the first departure from Adam Smith's vision came with the creation of the "corporate person". I am all about free enterprise, amongst natural persons who engage in commerce by free agreement. As long as corporate behemoths litter the landscape with a mandate to devour every shred of available productive energy, true capitalism is impossible.

 

 

 

Fri, 09/17/2010 - 17:26 | 588640 CrockettAlmanac.com
CrockettAlmanac.com's picture

Quite true. But note that while the corporation plays the role of the monster, it is the government which has played and always will play the role of Dr. Frankenstein. He's the one to keep an eye on.

Fri, 09/17/2010 - 17:57 | 588699 zaknick
zaknick's picture

The corporation as we know it today is a creation of Rockefeller and corrupt and greedy Delaware authorities.

The same bankster backed elites have been running the gov since at least 100 years. Real informed democracy is what's missing and then gov is beneficial for then it would reflect intelligent, common sense and positive leadership.

 

Corruption, with the international banksters at the root of it, is the problem.

Fri, 09/17/2010 - 18:04 | 588707 CrockettAlmanac.com
CrockettAlmanac.com's picture

Democracy is a con. What are the selling points of Democracy? Everybody gets a vote. Everyone's voice is heard.

But as a free individual it is my natural right to make my own decisions about my own life. I don't need the government to force me into a system in which my voice will supposedly be heard but in reality nothing I favor will come to fruition.

Democracy is a way for those who are politically connected to steal the bread out of your childrens' mouths all the while making you feel gratitude for that dubious privilege.

Fri, 09/17/2010 - 18:23 | 588720 zaknick
zaknick's picture

Again, if you remove bad faith and corruption, how is collective decision making bad for a society? Are you suggesting a stateless society? I agree it would be an improvement over the fascism we have now but really? Tribalism?

 

I can't believe that there are not enough Americans of good faith that can turn this around. I mean, with the Internet participative democracy is possible for the first time in history (for a large country). Doesn't mean that these scum in Washington were going to be in a rush to vote themselves out of their cushy, corrupt job selling out America.

Fri, 09/17/2010 - 18:35 | 588733 CrockettAlmanac.com
CrockettAlmanac.com's picture

See:

Society Without a State by Murray Rothbard

http://mises.org/daily/2429

 

Fri, 09/17/2010 - 19:54 | 588836 zaknick
zaknick's picture

Thomas Jefferson had it right when he said: “Educate and inform the whole mass of the people… they are the only sure reliance for the preservation of our liberty…. Enlighten the people generally, and tyranny and oppressions of body and mind will vanish like evil spirits at the dawn of day.”

Fri, 09/17/2010 - 20:06 | 588855 CrockettAlmanac.com
CrockettAlmanac.com's picture

"I heartily accept the motto, "That government is best which governs least"; and I should like to see it acted up to more rapidly and systematically. Carried out, it finally amounts to this, which also I believe -- "That government is best which governs not at all"; and when men are prepared for it, that will be the kind of government which they will have." -- Henry David Thoreau

 

"Wild liberty develops iron conscience. Want of liberty, by strengthening law and decorum, stupefies conscience." -- Ralph Waldo Emerson

Sat, 09/18/2010 - 09:11 | 589420 pan-the-ist
pan-the-ist's picture

Government has never needed to govern the enlightened.  But all men are not equivelent to Thoreau and Emerson.

Sat, 09/18/2010 - 13:19 | 589663 CrockettAlmanac.com
CrockettAlmanac.com's picture

Thoreau and Emerson did not intend to sermonize on life in a bubble. They were enlightened enough to know that even the common man is a man with all of the attendant needs, desires, rights, talents and goals.

 

Every man's nature is a sufficient advertisement to him of the character of his fellows. My right and my wrong, is their right and their wrong. Whilst I do what is fit for me, and abstain from what is unfit, my neighbour and I shall often agree in our means, and work together for a time to one end. But whenever I find my dominion over myself not sufficient for me, and undertake the direction of him also, I overstep the truth, and come into false relations to him. I may have so much more skill or strength than he, that he cannot express adequately his sense of wrong, but it is a lie, and hurts like a lie both him and me. Love and nature cannot maintain the assumption: it must be executed by a practical lie, namely, by force. This undertaking for another, is the blunder which stands in colossal ugliness in the governments of the world. -- Emerson's Politics

Fri, 09/17/2010 - 20:10 | 588862 zaknick
zaknick's picture

You know, I'm usually all for anything out of the Ron Paul/Mises/Lew Rockwell/Monetary.org camp and I found that link very interesting and refreshing in its views vis-a-vis the state but what are we to do with the bankster backed economic elite and their "national security state"????

 

In such a free world they'd run rampant, no? I've heard the state mentioned as the only bulwark against the rich and their obvious excesses.

Fri, 09/17/2010 - 21:21 | 588972 CrockettAlmanac.com
CrockettAlmanac.com's picture

what are we to do with the bankster backed economic elite and their "national security state"????

In such a free world they'd run rampant, no?

 

No! The Fed only has power because  government gives it that power. How could a banker convince you to use his debt based fiat currency which steadily loses purchasing power via inflation if the government hadn't declared it to be legal tender? Banking regulations are created specifically to protect the power elite. Didn't you notice how the government bailed the banks out with our money even though we didn't want them to do it? If there was no government to make you pay for the Too Big to Fail banks, how would they have gotten you to pony up the money rather than laugh in their despicable faces?

Sat, 09/18/2010 - 09:15 | 589423 pan-the-ist
pan-the-ist's picture

When the shit goes down, I am going to buy a place up river from you and put up a dam so your water wheel operated mill quits working.  When you come to complain I will shoot you dead.

Sat, 09/18/2010 - 13:26 | 589672 CrockettAlmanac.com
CrockettAlmanac.com's picture

Building a dam requires significant labor and material costs. How will you fund a venture which apparently has the sole purpose of pissing me off? Where is the return on investment which will make this project worthwhile?

Sat, 09/18/2010 - 13:40 | 589691 pan-the-ist
pan-the-ist's picture

Who cares.  You just spun around the point again.

Sat, 09/18/2010 - 15:10 | 589836 CrockettAlmanac.com
CrockettAlmanac.com's picture

So by showing that your threat to build a dam and kill me was pure fantasy and in no way resembles the motives or actions of real living people, I have spun the issue?

What exactly was your point?

Sat, 09/18/2010 - 17:33 | 589968 pan-the-ist
pan-the-ist's picture

There would be nothing stopping that from happening in your libertopia.

Sat, 09/18/2010 - 18:03 | 590000 CrockettAlmanac.com
CrockettAlmanac.com's picture

Reality, as I said above, would stop it from happening.

A dam is an incredibly complex project not only in the building but in its funding as well. Anyone who would invest time, money, materials or labor in constructing a dam across a river is going to want to see some productive outcome and a return on their investment. The dam you describe has no productive use.

Do you really believe that someone is going to give you tons of building materials and that hundreds or thousands of workman are going to voluntarily build this dam for you just to see you smile when the dam cuts off my water supply?

In any case, it would be impossible to build a dam which would cut off the supply of water down river unless you have other means to syphon off the excess water. You can not build a dam with infinite capacity and when your dam is filled the excess water must exit through the spillway and flow downstream. It has nowhere else to go.

What part of that don't you understand?

 

Sat, 09/18/2010 - 18:24 | 590020 kathy.chamberli...
kathy.chamberlin@gmail.com's picture

a diversion?

Sat, 09/18/2010 - 03:25 | 589313 StychoKiller
StychoKiller's picture

You're talking past each other -- google "Tyranny of the Majority" to see WHY a Democracy is not the US Govt, we're a Republic.

Sat, 09/18/2010 - 13:38 | 589689 CrockettAlmanac.com
CrockettAlmanac.com's picture

We were. Franklin was right.

Fri, 09/17/2010 - 19:59 | 588844 Running on Empty
Running on Empty's picture

Dude your not a free individual. A system had to be created right after the second person showed up. With 6 billion people on earth where the fuck do you think you can go to be free off what you complain off. If you find it please go it makes it easier for the rest of us who have to make this system work to eliminate your distraction.

Fri, 09/17/2010 - 20:12 | 588864 CrockettAlmanac.com
CrockettAlmanac.com's picture

If you find it please go it makes it easier for the rest of us who have to make this system work to eliminate your distraction.

Just let me out of your safety net -- it's that easy. How strange that a fellow who wants to imprison me in his admittedly freedomless system also demands that I leave -- as if he is not in league with those who have fastened the chains which bind me!

Fri, 09/17/2010 - 21:16 | 588968 Running on Empty
Running on Empty's picture

Why do I have to let you out. It's simple don't work no taxes will be imposed, don't consume and no corporation will profit from your consumption. Live with no possessions no money no identity, I see them every day occupying the parks the culverts and under bridges all free men.

Fri, 09/17/2010 - 21:28 | 588984 CrockettAlmanac.com
CrockettAlmanac.com's picture

You've got a nice little God complex going there, don't ya?

I can see that you feel quite righteous in declaring that anyone who doesn't want to be ruled by a master class must submit to giving up all his natural rights and living in the street. That sense of superiority you're feeling is what, quite ironically, proves you to be of an unsavory quality and constitution.

Fri, 09/17/2010 - 23:55 | 589154 Running on Empty
Running on Empty's picture

"proves you to be of an unsavory quality and constitution"

  You can't begin to imagine how true that statement is.

 

Sat, 09/18/2010 - 03:30 | 589316 StychoKiller
StychoKiller's picture

A product of your life and liberty is your PROPERTY.

Two people who exchange property voluntarily are both better off or they
would not do it.

You have the right to protect your own life, liberty, and justly acquired
property from the forceful aggression of others.  So you may rightfully ask
others to help protect you.  But you do NOT have a right to initiate force
against the life, liberty, or property of others.  Thus, you have NO right
to designate some person to initiate force against others on your behalf.

You cannot give Govt. Officials any rights that you do not have yourself.

 

We simply need a Federal Govt BOUND BY THE CHAINS of the US Constitution  (lock the Leviathan up already!)

Sat, 09/18/2010 - 01:04 | 589209 delacroix
delacroix's picture

a kick in the nuts, or a punch in the face, is not a choice

Fri, 09/17/2010 - 16:54 | 588563 Village Idiot
Village Idiot's picture

"Greedy and selfish?" What happened to "Hope and change?"

Fri, 09/17/2010 - 17:50 | 588691 zaknick
zaknick's picture

Remember, this is coming from a Washington political hack (ass-kisser).

 

This greed is good, we're all selfish and greedy is an excuse for self-indulgence and immorality.

 

Sat, 09/18/2010 - 13:42 | 589693 CrockettAlmanac.com
CrockettAlmanac.com's picture

Mother Theresa was greedy for the warm glow she felt when performing charitable works. While this could reasonably be called self indulgent, it can hardly be considered to be immoral.

Fri, 09/17/2010 - 16:54 | 588564 Manny
Manny's picture

Yeah but why did Pento go back on. Whatever happened to the good ole backbone!

Fri, 09/17/2010 - 16:55 | 588569 Waterfallsparkles
Waterfallsparkles's picture

Interesting point about capital gains on stock profits.  Yet, if you lose money you can only deduct $3,000. a year.  If people could write off all of their losses in a year maybe the Market would not try to take all of their profit.

Fri, 09/17/2010 - 17:04 | 588591 DR
DR's picture

"to be competitive with the Chinese, should "lower taxes, lower wages, and reduce regulations"

 

Yea, Pento, time for the US to become a third world so we can compete..

 

Fri, 09/17/2010 - 17:06 | 588594 Village Idiot
Village Idiot's picture

"Yea, Pento, time for the US to become a third world so we can compete.."

 

SURPRISE!!  actually, not really a surprise.  Welcome to the new America.

 

Fri, 09/17/2010 - 17:47 | 588682 zaknick
zaknick's picture

lmao

You're a funny mf Idiot (ur name not mine lol).

 

Fri, 09/17/2010 - 22:25 | 589047 Village Idiot
Village Idiot's picture

Thanks for the praise, zaknick. 

I don't even know if this avatar is being sincere, but I'll go with it.  Gotta have some trust around here.

Sat, 09/18/2010 - 03:32 | 589317 StychoKiller
StychoKiller's picture

Why so serious?  It's gonna happen whether we like it or not, so pack your own parachute (or go splat!)

Fri, 09/17/2010 - 17:06 | 588599 JJ McApe
JJ McApe's picture

Don't blame the Player - blame the Game!!!

Fri, 09/17/2010 - 17:08 | 588605 Strongbad
Strongbad's picture

Pento is great on his feat.  He knows all the convention Keynesian arguments and how to rebut them.  I'm betting we see more of him since Kudlow seems to like him.

Fri, 09/17/2010 - 17:21 | 588620 Village Idiot
Village Idiot's picture

Oh, and one more thing, fuck you, guy on the right.  Not ALL of us are "greedy and selfish." And, not all of us making 250K+ a year are rich, either.  I'm seeing a common thread here, and it's not color, btw. 

Outside of virtual world, any guy that yelled in my face "you are greedy and selfish" would get a gut check.  Fuck you, asshole.

Fri, 09/17/2010 - 18:44 | 588741 ColonelCooper
ColonelCooper's picture

+100 V.I.

I will say that the more that gets taken away from me, and I don't just mean taxes, the more "greedy and selfish" I am getting.  Maybe if I felt a little less encroached apon I wouldn't be so fucking pissy about sharing my cookie.

What pisses me off is the notion that I don't have a right to want to keep what I have.  Or, who the fuck is he to say that I shouldn't want more? I'll decide. It's none of his fucking business.  Not all fat men got that way stealing food from a thin man.

 

Fri, 09/17/2010 - 22:38 | 588970 Village Idiot
Village Idiot's picture

@Colonel

You and I understand each other in this regard. Completely.

 

edited.

Sat, 09/18/2010 - 02:18 | 589262 DoChenRollingBearing
DoChenRollingBearing's picture

@ Village and Colonel

Yes, I am in your camp, brothers at arms.

Just leave us alone .gov!  Or else we go for gold, investmests overseas, etc.

...

What a great thread here at ZH!

Fri, 09/17/2010 - 17:18 | 588624 markar
markar's picture

Screw globalism and GATT, WTO, NAFTA. etc that spawned it. And screw the Chinese. We have enough nat. resources and market here to run a domestic economy albeit with less crap and toys. Bring on protectionism and trade barriers, seal the borders and start gutting the financial services industry to its proper place in the economy--10% should do it. It's the only way this country won't self-immolate within the next 5 years.

Fri, 09/17/2010 - 17:42 | 588670 zaknick
zaknick's picture

You would have the bankster backed economic elite of this country at your throat.

On the energy front, I've read that these scumbags have been supressing technologies that would have kept America's innovative edge so they could keep doing business the only way crony capitalism knows how: monopolies.

Nikola Tesla.

Fri, 09/17/2010 - 17:46 | 588681 francismarion
francismarion's picture

Loads of sanity there, markar. A good starting point.

Fri, 09/17/2010 - 17:24 | 588637 NotApplicable
NotApplicable's picture

Sure is lots of piss and vinegar in this thread!

The only thing I "know" is that time will tell.

Fri, 09/17/2010 - 17:33 | 588654 Village Idiot
Village Idiot's picture

"The only thing I "know" is that time will tell."

 

Sage words.  Pick a side and prepare for whatever your bet pays - or doesn't.  What a disgrace.

Fri, 09/17/2010 - 17:49 | 588688 francismarion
francismarion's picture

You are spoiling for a fight. You came to the right place. Kindly expatiate.

Fri, 09/17/2010 - 21:44 | 588816 Village Idiot
Village Idiot's picture

Let me get the family fed, I'll be back.

 

Fri, 09/17/2010 - 22:34 | 589063 Village Idiot
Village Idiot's picture

Ok, I'm Back. 

Fri, 09/17/2010 - 23:07 | 589107 CrockettAlmanac.com
CrockettAlmanac.com's picture

Garlic mushrooms tonight?

Fri, 09/17/2010 - 23:51 | 589149 Village Idiot
Village Idiot's picture

Sauteed spinach with Portobello mushrooms. Thanks for asking. Looks like you've been busy.

Sat, 09/18/2010 - 00:08 | 589161 CrockettAlmanac.com
CrockettAlmanac.com's picture

That sounds good. Do you watch any of the Chef Gordon Ramsey shows on TV?

Sat, 09/18/2010 - 00:23 | 589171 Village Idiot
Village Idiot's picture

The bravo show? No, haven't seen it. Follow a couple of Food Channel shows - I like Iron Chef for the action. 

Not much in the way of fireworks tonight, may have to punch out. 

Sat, 09/18/2010 - 00:33 | 589186 CrockettAlmanac.com
CrockettAlmanac.com's picture

Chef Ramsey is on Fox. He's the Scottish guy who always yelling "fuck this!" and "fuck that!" But it's OK because he's the best there is and he draws out the best in those whom he instructs. He has had three different shows, Kitchen Nightmares (Chef Ramsey visits struggling restaurants and helps get them back on track), Master Chef (A little 22 year old cutie from Missouri won the title with fried chicken and bread pudding) and Hell's Kitchen (new season starts on Wednesday at 8PM).

I'm no great cook myself, as long as it's edible I'll eat it. But I love the human drama of the Gordon Ramsey shows.

Sat, 09/18/2010 - 00:54 | 589195 Village Idiot
Village Idiot's picture

If you love the "human drama" of food, you love food.  VI-out.

 

"Cooking is like love, it should be entered into with abandon or not at all."
Harriet Van Horne, 'Vogue' 10/1956

 

Fri, 09/17/2010 - 17:43 | 588657 fiddler_on_the_roof
fiddler_on_the_roof's picture

Pento is another wallstreet stooge like Santelli. Look at him

support tax cuts for wall streeters & rich(btw they should increase limits from 250K to 500K)

Pento got stumped by Boykin. Looking at the response here in support of these policies, ZH crowd looks like a bunch of zombies entraced by the elite big moneys. Let the F***king people's debt be written off and savers move to Gold and let us stick it to foreigners and world currency status. let them close the tax havens, cut some spending...

 

Fri, 09/17/2010 - 20:23 | 588884 deadparrot
deadparrot's picture

You know, rich americans can leave if they want to. Many countries would be happy to have them and their money. Making the US an undesirable location to live if you are rich will also increase unemployment. 70 years ago, it was a lot easier to fleece taxpayers. The world is much smaller place and nations have to be competitive if they want to attract capital, intellectual or otherwise.

Fri, 09/17/2010 - 20:43 | 588906 fiddler_on_the_roof
fiddler_on_the_roof's picture

Oh ok now you are parroting the line of Faux news...Even Charlie Rose wants to raise middle class tax.  they can leave after they are slapped from their off shore tax shelters, trust funds and 1031 exchanges. let's see how far it goes. No one is recommending socialism, but fairness. let's see how many are hiding under farm subsidies, monopolies... Do you know how ultra rich accumulate wealth... mostly it is Cronyism and tax shelters. Let them pay fair tax and renounce their citizenship. Clinton sold NAFTA/MFN for china on the backs of Americans. They just accelerated wealth concentration, which is anyway the natural property of wealth. Time to break it down.

Sat, 09/18/2010 - 03:36 | 589319 StychoKiller
StychoKiller's picture

Corporate welfare is a bigger pie, go for that one instead.

Fri, 09/17/2010 - 17:42 | 588671 Dr Brown
Dr Brown's picture

f you tyler and your swedish server website

your bashing of everything american is getting way old

go sit on a tack

Fri, 09/17/2010 - 17:51 | 588692 francismarion
francismarion's picture

It's Friday night and TD knows this is gonna have to last us all weekend so he shows his ass.

Take him down, Doc B, and we will kick the hell out of him for you.

Fri, 09/17/2010 - 19:39 | 588814 CrockettAlmanac.com
CrockettAlmanac.com's picture

your bashing of everything american is getting way old

Yes, opposing Communism is so anti-American.

Sat, 09/18/2010 - 01:55 | 589153 Village Idiot
Village Idiot's picture

"f you tyler and your swedish server website

your bashing of everything american is getting way old"

 

I consider myself to be the most insiteful person here, and I can honestly say that I'm not getting that vibe.

Sat, 09/18/2010 - 02:00 | 589253 Rick64
Rick64's picture

 IMO there is bashing of many countries on this site not only the U.S. and well justified.

Do NOT follow this link or you will be banned from the site!