Uncategorized

The genius of the market

This week’s argument in the North Carolina Supreme Court over the scandalously lax practices of major banks when it comes to foreclosing on people’s houses provides a powerful reminder of this simple truth:

The “genius” of the market frequently amounts to human beings acting greedily, lazily and immorally (and getting rewarded for it). Obviously, this can occur in government and nonprofit settings too.

This is not to say that market capitalism can’t accomplish amazing things; it’s a remarkably powerful (and frequently positive) force for the creation of wealth. But, utlimately, it is just that — a tool that human society should harness and use — not, as the market fundamentalists contend,  some kind of divine creation to which we should all bow down.

Strong consumer protection laws are one important way to make market forces work for the many. Let’s hope, as the Charlotte Observer editorial board argues this morning, that this case and others like it spur Congress to act accordingly.    

 

Check Also

Editorials: Trump backs down, but GOP continues to block real immigration solutions

Be sure to check out the editorials from ...

Top Stories from NCPW

  • News
  • Commentary

The lump started small and hid behind her ear. Harmless, the doctor said, nothing to worry about. So [...]

The Senate voted along party lines Tuesday night to overturn a partial judicial redistricting bill i [...]

Viola Williams has been crunching numbers and working out possible solutions since last week, when t [...]

With midterm elections around the corner, lawmakers have, unsurprisingly, taken aim at last minute c [...]

From 1999-2016, opioid-related overdose fatalities increased by more than 800 percent in North Carol [...]

Would that North Carolina lawmakers had been so direct as “Pitchfork Ben” Tillman, a virulent white [...]

“I’m speechless.” So began the heartfelt lament of Rep. Verla Insko (D-Orange) late last Friday afte [...]

The post SB 711 – The pig’s roast appeared first on NC Policy Watch. [...]