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Issa introduces bill to thwart H-1B abuse

I think Gen Smedley Butler had some good proposals in "War is a Racket" https://en.wikipedia.org/wiki/War_Is_a_Racket Basically he says make those who profit from the war pay for the war, and only those who are actually fighting can decide on whether or not to fight.
— July 31, 2016 10:16 p.m.

Issa introduces bill to thwart H-1B abuse

I completely agree that Friedman (and Greenspan and other economists) grossly underestimated the corruption and lack of integrity in the financial industry and the government. I think what we have now is far from "free market capitalism" but is better referred to as "crony capitalism". In theory, free market capialism improves productivity and efficiency by rewarding good ideas and punishing inefficient ideas. In practice some amount of government is needed to prevent trusts and to place restrictions and limits on activities of corporations which can be harmful to society, e.g. setting minimum wages, limiting environmental impact, etc. And government is SUPPOSED to prosecute and punish those who willfully violate those laws or commit fraud or theft. There are tradeoffs between the inefficiencies to business caused by regulations vs. many ways that regulations protect society. However, in my opinion governement is NEVER needed to invest in, bail out, stimulate, or otherwise promote businesses or corporations. That's not part of free market capilism. The strongest and most powerful opponents to free market capitalism are Wall Street investment firms - as was seen in the bailouts after the 2008 mortgage meltdown. Clearly any corporation which had even a grain of belief in free market capitalism would have vigourously opposed bailouts for investment firms but we didn't see from that. Any high-ranking executive of one of the failing Wall Street firms would have accepted at least some responsibility for his / her firm's failure and resigned. But I don't think we saw much of that either. Wall Street firms and many other large and powerful corporations keep our "crony capitalism" system intact.
— July 27, 2016 6:27 p.m.

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