The Ovarian Lottery’s most famous member writes how Capitalism will “Save Us”!

[HughBeaumont]

I don’t know why I torture myself listening to the Wrong Wing. Or reading their crumb-like thoughts on how things “should be”. It’s particularly amusing reading the crayoned blatherings of those who won what Warren Buffet called “The Ovarian Lottery” (or “The Lucky Sperm Club”). These are the legacy babies who, by virtue of inheriting a political or financial empire, are suddenly instant sages of economics, business and governing and by rights are given license to be as wrongheaded about economic practice as can possibly be.

Examples of this phenomenon would be the four surviving members of the Walton empire, the Hydra-like Bushes and Ivanka Trump. But none seems more outspoken, bereft of apathy, insular and downright turned up to 100 in all the wrong directions as of late . . . than Steve Forbes.

Normally, I wouldn’t care about such a lame silver spoon winger such as him. But when the silver spoon winger is given frequent open forums on our cable news networks to spew his message of Free, Free, FREE MARKETS, unrestricted trade and advantageous-to-him flat taxing, it makes one wonder how many hoi-polloi are buying into it. It’s bad enough that for 28 years, this highly toxic marriage of economics, governing, free trade and business has miserably failed 90% of the working populations of every nation it’s been attempted in, most notably ours. It’s even worse when the punditry is allowed to continually pound this brand of economics as some divine truth, attesting that it is “the one and only way to prosperity, progress and (wait for it) . . . freedom!”

Which brings me to Steve Forbes' brand spanking new book How Capitalism Will Save Us: Why Free People and Free Markets are the Best Answer in Today's Economy. When he says “Capitalism”, he of course means the Free-Trade-happy and unregulated “Corporatist” model. I read it not because I'm a masochist, but because I wanted to get an insight on what it must be like to view the majority of the populace through the lens of someone who has likely never at all known economic suffering. It’s important because I think those who dictate economic policy (that is, our corporate leaders and politicians who aid and abet them) think the same way he does. They believe this crapcake Darwinist system of ruthlessness still works in modern day America because they’re never pained nor do they bother experiencing the travails and hardship its results brought on the rest of us.

This book’s reference section regurgitates from just about every known right wing think tank, website, author, pundit, publishing house and institute on the map: Cato, The Heritage Foundation, Faux News, AEI, freetrade.org, National Review, Investors Business Daily, Regnery, The Tax Foundation, N Gregg Mankiw (Mr. “job offshoring is good for the economy"), Stephen Moore, Martin Feldstien, Milton Friedman, Fredrich Hayek and others. “Entitled to Your Own Facts” obviously wasn’t lost on these guys.

As you pretty much know what’s coming, without further ado, I give you the near verbatim wit and wisdom . . . of the unblinking one, Steve Forbes:

* In the opening chapter, one of his “Real World Truths” (peppered throughout the book) states: The self-interest driving Democratic Capitalism is profoundly different from greed, which ignores the needs of others and is the opposite of what succeeds in a Free Market.

* Government actions intended to help people often sets the stage for greater hardship down the road.

* Free markets encourage less corruption while governmental control produces MORE.

* Layoffs are moral (says the guy who’ll never experience it). The alternative, not laying off people, would mean more companies going under. The result would be fewer jobs, longer downturns and less prosperity.

* The biggest economic catastrophes result not from unfettered capitalism but from interventions by government.

* Q: Creative Destruction may help the larger economy, but what about the people who lose their jobs?
A: Most people rebound relatively quickly. Even in a recession, jobs are not only destroyed but created.

* Another Real World Truth: Even in the worst recessions, jobs are being created as well as lost. Time between jobs increased in 2009 because of “Government interventions hobbling the force of the economy”. In the 1980-82 recession, time between jobs decreased because of “Reagan’s pro-growth tax cuts”. :eyes: :eyes:

* Citizens of Nordic countries, like those in other European nations, pay a high price in the form of higher taxes for their social protections, and have a lower standard of living than most Americans.

* The rich do not get rich at the expense of the poor.

* All groups of people have gotten relatively richer compared to other third world nations (uses the “yardstick” fallacy conservatives love so much – the “wellll, you’re not as poor as someone who lives in a mud hut and eats bugs, are you” ruse).

* CEO pay reflects the scarcity of the highest level of management talent (I can easily ruin a company and the economy for 1/4 the price and still be set for life. How sad is that?). CEOs deliver enormous benefit to their companies.

* Q: Isn’t it harder for a two-income family to get by today than it was for a 1-income family in the 1970s?
A: It’s harder mainly because of the increased tax burden of the two-income family and the rapid increase in health care costs.

* There’s an entire chapter devoted to, of course, the Flat Tax, which would benefit idle richies such as himself hand over fist, let the wealthy off the hook even more so than they are now and place enormous burden on the middle/working/poor classes. But of course, it’s just not that way in his eyes.

* Goes absolute Black-and-White on Free Trade, stating protectionism destroys far more jobs than it creates.

* The vast majority of jobs – some 70% - of the economy is composed of services such as retail, restaurants, hotels, personal care; services spanning very broad wage and value ranges (yeah, from poverty level all the way to mediocre stagnation) that cannot be offshored and are produced locally. Unbelievable.

* Offshore outsourcing may destroy some jobs, but ultimately results in more creation than destruction.

* Fair Trade is Protectionism Lite. :wtf:

* NAFTA has created a vibrant North American Free Trade zone that has increased jobs and opportunities not only for the US, but in Canada and Mexico as well.

* American Health Care is the Best in the world. (No it isn't. But thanks for playing.)

* Q: Why is a private sector Health Care system critical to the availability of medical care?
A: Because only the private sector can fully develop innovations and bring them to the greatest number of people.

I mean, is it ANY wonder why I’m as pissed about who God chose to give all the money to . . . insufferable and grossly jaded assholes such as this?

The shamelessness is absolutely stunning. The insularity is off the charts. This, by and large, is what the wealthy think of you: as pieces of whining oxygen-thieving dogshit who should just be happy in your station in life. This message is what’s being fed and accepted by the TeaBirther cultists via their Fox News Baby Bottle. Despite their cites crumbling in a morass of joblessness, deadended progress, infrastructure problems and a depleted educational system, they all want to believe that this prosperity thing really IS going to happen to them one day. Belief . . . isn't that when someone else does the thinking?

It's a wholesale defense and acceptance of FAILURE.

Those who have never seen hardship are either dictating or influencing failed policy on those who are living and experiencing it constantly, and this cannot be acceptable. Fairer and equal societies perform far better, have more sound long-term economic structure, recover from recessions faster and don’t leave their cruelly downsized citizens scrambling for survival.

It’s absolutely ridiculous that this nation cannot become that because we still subscribe to this notion that Free Market capitalism is the best and ONLY way to do things. Unfettered Corporatism failed us miserably and if we don’t reverse direction abruptly, I fear this nation may not have much of a future to give it’s young.

[fasttense]

1. I believe, I believe, I believe. If I say it often enough maybe it really will happen. n/t

[dysfunctional press]

2. there is a way to make a flat tax fairly progressive.

no deductions, but exempt the first $50K in income. (arbitrary amount for example purposes- the proper exemption/tax rate numbers could be calculated to provide the necessary revenue)

example- a 20% flat tax with a $50K exemption.

income- $35,000 /no tax.
income- $51,000 /tax- $200. effective tax rate- .4%
income- $75,000 /tax- $5,000. effective tax rate- 6.67%
income- $100,000 /tax- $10,000 effective tax rate- 10%
income- $250,000 /tax- $40,000 effective tax rate- 16%
income- $500,000 /tax- $90,000 effective tax rate- 18%
income- $1,000,000 /tax- $190,000 effective tax rate- 19%

[SoCalDem]

3. Every time I see Steve, I am somewhat comforted

all the money in the world , and he still looks like a big ole doofus..a guy that no girl would look at twice, unless she saw his huge wallet.

He probably would have traded it all away to be a handsome, charming guy..

[Naturyl]

4. Zokay... let's rebut this nonse, all of which is wrong.

*The self-interest driving Democratic Capitalism is profoundly different from greed, which ignores the needs of others and is the opposite of what succeeds in a Free Market.

---Nope, it's exactly the same as greed, because the motivation for serving others is not serving others for the sake of it, but rather to0 amass wealth. And that's called greed.---

* Government actions intended to help people often sets the stage for greater hardship down the road.

---If by "often" you mean "occasionally," then yeah, maybe. But, contrary to propaganda like this, the list of successful and helpful government programs is huge, as we all know.---

* Free markets encourage less corruption while governmental control produces MORE.

---Hahahaha. Yeah, and the moon is made of green cheese. This is an example of the propaganda rule that 180 degree departures from the truth are most readily believed if repeated frequently enough.---

* Layoffs are moral (says the guy who’ll never experience it). The alternative, not laying off people, would mean more companies going under. The result would be fewer jobs, longer downturns and less prosperity.

---Yes, "layoffs are moral." By that standard, simply executing the obsolete workers by firing squad would be even more moral, since it would remove them from the labor pool altogether and benefit all the companies who "downsize" simultaneously.---

* The biggest economic catastrophes result not from unfettered capitalism but from interventions by government.

---Mmm-hmm. That's what Hoover said, too.---

* Q: Creative Destruction may help the larger economy, but what about the people who lose their jobs?
A: Most people rebound relatively quickly. Even in a recession, jobs are not only destroyed but created.

---Translation: Ignore those people. They will be okay, and if not, who cares?---

* Another Real World Truth: Even in the worst recessions, jobs are being created as well as lost. Time between jobs increased in 2009 because of “Government interventions hobbling the force of the economy”. In the 1980-82 recession, time between jobs decreased because of “Reagan’s pro-growth tax cuts”. :eyes: :eyes:

---Yeah. While good jobs are lost, shitty low-paying dead-end ones are created. Forgot to mention that part?---

* Citizens of Nordic countries, like those in other European nations, pay a high price in the form of higher taxes for their social protections, and have a lower standard of living than most Americans.

---Only if you measure "standard of living" entirely in monetary terms, which only a rich fool like Forbes would do. The Nordic countries are some of the happiest nations on Earth with the highest quality of life index. But for Forbes and his ilk, quality of life is measured solely in dollars and cents.---

* The rich do not get rich at the expense of the poor.

---Mmm-hmm. And if You and I split a pie with 8 slices between us, and I take 7 slices, leaving you one, it's not my fault you feel cheated. But of course the answer will only be the tired old "zero sum game" canard. Forbes and his ilk will tell you to quit complaining and bake your own pie, conveniently ignoring the fact that there is a limited amount of flour, sugar and water.---

* All groups of people have gotten relatively richer compared to other third world nations (uses the “yardstick” fallacy conservatives love so much – the “wellll, you’re not as poor as someone who lives in a mud hut and eats bugs, are you” ruse).

---Yeah, shithead, that's because a a huge chunk of Western (and especially American) wealth is extracted from the Third World. So we exploit the third world relentlessly and then tout the fact that our nations are getting richer as a whole while theirs are not as some sort of miraculous benefit of homegrown capitalism? Nah. That's just taking 7 slices of the pie your mom baked and then stealing the neighbor's entire pie.---

* CEO pay reflects the scarcity of the highest level of management talent (I can easily ruin a company and the economy for 1/4 the price and still be set for life. How sad is that?). CEOs deliver enormous benefit to their companies.

---Haha, how they flatter themselves. News flash, Forbes - some of the most talented people in this country are bagging groceries or collecting benefit checks out of a sheer lack of motivation to get involved in a system dominated by people like you. Beyond that, to suppose that anyone is really 500 or 1000 times more talented at managing a company is sheer egotism. Anybody can get an MBA. It's like suggesting that some surgeons are 500-1000 times better than others. If that were the case, people would be getting legs amputated during tonsillectomies daily.---

* Q: Isn’t it harder for a two-income family to get by today than it was for a 1-income family in the 1970s?
A: It’s harder mainly because of the increased tax burden of the two-income family and the rapid increase in health care costs.

---It's harder mainly because real wages haven't increased much if at all- and yes, because of health care costs - something your ilk are determined to do absolutely nothing about.---

* There’s an entire chapter devoted to, of course, the Flat Tax, which would benefit idle richies such as himself hand over fist, let the wealthy off the hook even more so than they are now and place enormous burden on the middle/working/poor classes. But of course, it’s just not that way in his eyes.

---Flat tax is literally non-progressive and would be a huge disaster (for everyone but Forbes and his pals).

* The vast majority of jobs – some 70% - of the economy is composed of services such as retail, restaurants, hotels, personal care; services spanning very broad wage and value ranges (yeah, from poverty level all the way to mediocre stagnation) that cannot be offshored and are produced locally. Unbelievable.

---Yes, because those are shit jobs. Yay for shit jobs! Here's a plan: let's offshore any job a rational human being would possibly be motivated to do and leave only ones where living in a cardboard box is often a more attractive option.---

* Offshore outsourcing may destroy some jobs, but ultimately results in more creation than destruction.

---Indeed. More creation of obscenely gigantic bank accounts for Forbes and his palls, and of foreclosure notices in the papers for everyone else.---

* Fair Trade is Protectionism Lite. :wtf:

---I'll second that "wtf."---

* NAFTA has created a vibrant North American Free Trade zone that has increased jobs and opportunities not only for the US, but in Canada and Mexico as well.

---Forbes needs to research the living conditions in the areas most directly affected by NAFTA, which have generally gone from reasonable to slum-like. If that is what he means by "vibrant," then sure.---

* American Health Care is the Best in the world. (No it isn't. But thanks for playing.)

--- 37th, actually. But by "best," Forbes and his pals mean "the one where we don't have to pay for undesirables to get health care."---

* Q: Why is a private sector Health Care system critical to the availability of medical care?
A: Because only the private sector can fully develop innovations and bring them to the greatest number of people.

---Hope Forbes isn't posting this on the Internet - an innovation created by public sector US government research and now available to the entire Western world.---

[n2doc]

5. Why is it when he says this claptrap, it is fine

But when Al Gore talks about solutions to global warming, and invests in those solutions, he is labeled a hypocrite?

[HughBeaumont]

6. Or when talking about restoring the top tax rates to Clinton levels . .. "SOCIALISM!!!"

Or any modicum of fairness in any workplace = "PROTECSHUNISM!"

[juno jones]

7. K&R! n/t

[Romulox]

8. Our President would agree with 95% of that. nt