The (Mostly) Ironclad Rule

Trey Smith

As we’ve learned the hard way, the core of our modern capitalist economy is finance, and finance is run entirely by a few large Wall Street firms. But here’s the ultimate irony: while modern capitalism depends on Wall Street, Wall Street no longer depends on capitalist principles. In finance, a new system has emerged that makes a mockery of the idea that entrepreneurs should be rewarded for their successes and suffer losses when they fail.
~ from 7 Ways to Really Take the Ax to Wall Street by Les Leopold ~

Leopold isn't the sole person who has noted that one of the ironclad rules of capitalism doesn't seem to be so ironclad after all!!

When it comes to people and businesses far down the food chain, the rule of capitalist competition is resolute. Under this perspective, if a person can't find a job, it's their own damn fault because they have failed to compete well enough to land one. If a big box store swoops into town and puts a lot of mom 'n pop local firms out of business, it's because they failed to remain competitive in the face of the big box.

So, when it comes to we small fry (the 99%), we are expected to "man up" when we fail and not look to government to bail us out. If we cannot win out in this dog-eat-dog world of ruthless competition, then we should accept our losses and dig ourselves out of our own holes.

As we now know, of course, this ironclad rule melts like butter when it comes to those at the top of the food chain. When they lose due to their own reckless behavior and/or because someone else has beaten them out through competition, they demand that they should not incur any loss. While peons like you and me shouldn't expect government to tide us over while we're unemployed, the titans of industry expect to be thrown gold-laced life preservers at the slightest hint they might get their shoes wet!!

As readers should know, I am not a fan of capitalism. To my way of thinking, it is system built on amoral principles and inherent exploitation. That said, if we are to live IN a capitalist system, the least we could do is to apply its principles across the board. If not, then we are doomed to the kind of festering problems that we are facing today.