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

BREAKING: New analysis shows GOP tax plan would be “devastating” to North Carolina nonprofits

This is usually the time of year during ...

Top Stories from NCPW

  • News
  • Commentary

The controversy over “Silent Sam,” the Confederate monument on UNC’s Chapel Hill campus, has been ra [...]

North Carolina tries to mine its swine and deal with a poop problem that keeps piling up A blanket o [...]

This story is part of "Peak Pig," an examination of the hog industry co-published with Env [...]

Few issues in the North Carolina’s contentious policy wars have been more consistently front and cen [...]

Five years ago, the U.S. Department of Justice (DOJ) filed a jaw-dropping civil rights lawsuit again [...]

Will Burr and Tillis really vote for this? For much of the 20th Century, one of the labels that Amer [...]

President Trump and Congressional Republicans aim to rebrand enormous tax cuts for the wealthiest ho [...]

20—number of years since a bipartisan coalition in Congress passed the Children’s Health Insurance P [...]

Spotlight on Journalism

We invite you to join a special celebration of investigative journalism! The evening will feature Mike Rezendes, a member of the Pulitzer Prize-winning Boston Globe Spotlight Team known for their coverage of the cover-up of sexual abuse in the Catholic Church.

Tickets available NOW!

Spotlight On Journalism

This event will benefit NC Policy Watch, a project of the North Carolina Justice Center. Sponsorship opportunities available now!

Featured | Special Projects

NC Budget 2017
The maze of the NC Budget is complex. Follow the stories to follow the money.
Read more


NC Redistricting 2017
New map, new districts, new lawmakers. Here’s what you need to know about gerrymandering in NC.
Read more