Posted by: quiscus | November 17, 2011

November 17, 2011

1. “Real Free Market Capitalists Demand that Financial Fraud Be Prosecuted


Adam Smith, Leading Austrian Economists and Other Free Market Advocates Are For the Prosecution of Fraud

There is a widespread myth that free market supporters are against regulation or prosecuting fraud.

In fact, Adam Smith – the father of free market capitalism – was for regulation of banks, and believed that trust is vital for a healthy economy. Because strong enforcement of laws against fraud is a basic prerequisite for trust, Smith would be disgusted by the lack of prosecution of Wall Street fraudsters today.

Smith railed against monopolies and their corrupting influence. And Smith was pro-regulation, so long as the regulation benefited the little guy, as opposed to the wealthiest:

When the regulation, therefore, is in support of the workman, it is always just and equitable; but it is sometimes otherwise when in favour of the masters.”

2. “”According to the Supreme Court, Money Is Now Speech and Corporations Are Now People. But When REAL People Without Money Assemble to Express Their Dissatisfaction with the Political [System], They’re Treated as Public Nuisances and Evicted”


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