Huffington on Capitalism – Jared
December 23, 2008 Leave a comment
A dumb idea, I know, but I still decided to do it. Browsing RealClearPolitics I found an article by Arianna Huffington called Laissez-Faire Capitalism Should Be as Dead as Soviet Communism. I am surprised Ms. Huffington thinks it is dead. As for the content of the article, it is nothing unusual from Ms. Huffington, but it deserves critique for its stupidity.
“The only place you can find an American Marxist these days is teaching a college linguistic theory class” she says. Really? I have a friend at Los Positas Community College who would argue differently. His teacher (I do not think this guy deserves the professor title) has Mao’s Little Red Book and Marx’s Communist Manifesto on his desk. Economics teacher even. I’m not surprised he is at a community college.
Huffington wants the “final nail in the coffin” of free market capitalism revealing her clear ignorance of the reason for the housing and credit crisis of the last couple of years. It is not conservative ideology or laiseez-faire capitalism that brought our economic troubles of the past summer, but policy enacted by the Democrats in Congress Huffington supports.
Look up the Community Reinvestment Act and learn about how it affected our credit markets. It directly caused the housing value collapse by inflating housing prices. Demand was artificially inflated by this congressional act which forced mortage companies to not discriminate based on an applicants ability to pay back the offered loan. I have already talked about how this went down at length. Suffice to say Ms. Huffington is greatly misleading her readers to make this accusation.
But then the content of her articles is not the only thing misleading about Ms. Huffington’s actions.