Re: Jim Sullivans June 24 commentary, How libertarians think about economic justice: <\/p>\n
Sullivan provided an excellent description of the libertarian free market position. However, what he presents as market failures were actually caused by government actions. <\/p>\n
Many economists have pointed out the 2007 housing bubble was started with the 1977 Community Reinvestment Act that required mortgages be given to subprime borrowers. This was combined with inadequate regulation of mortgage granting and derivatives selling because everyone knew the government (taxpayers) would bail them out in the end. The quasi-government entities Fannie Mae and Freddie Mac now own 90 perce nt of all mortgages. The solution is to stop these bailouts and convert Fannie and Freddie to private entities, not impose more regulations. <\/p>\n
Libertarians believe economic justice is achieved by the free market, not the government, picking winners and losers. We believe our present system of crony capitalism or corporatism enables big corporations, with the help of big government, to drive out small businesses. On a local level, this uneven playing field means cities give tax favors to Costco or Walmart that help them drive out mom-and-pop stores. <\/p>\n
Nationally, corporations get tax write-offs for paying for employee health care, while small businesses and individuals do not have this write-off (if they did, 25 percent of corporate employees would leave their jobs). Corporations also are able to hire a legion of attorneys, accountants and others to deal with regulations, while small businesses cannot. <\/p>\n
Libertarians ulterior motive is to be left alone, to produce and trade goods and services, until and unless someone shows we have committed force or fraud. Economic justice means leveling the playing field. To find out more this election year, follow the Gary Johnson for President campaign. <\/p>\n
- Bruce K. Bell, <\/p>\n
Moorpark <\/p>\n<\/p>\n
View post: <\/p>\n
Libertarian position<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Re: Jim Sullivans June 24 commentary, How libertarians think about economic justice: Sullivan provided an excellent description of the libertarian free market position. However, what he presents as market failures were actually caused by government actions. Many economists have pointed out the 2007 housing bubble was started with the 1977 Community Reinvestment Act that required mortgages be given to subprime borrowers. Continue reading