Free Markets are a joke?

In a speech to a trade union group, President Obama's manufacturing Czar was quoted as saying they (the administration) agree with Mao? Do you want a glimpse into where this administration is heading us as an economy? Click the link below and see a clip from his speech. It's frightening, to say the least. http://www.youtube.com/watch?v=27cXXirAIw4

This morning the administration also announced that companies which took bailout money last year will be forced to cut executive compensation up to 90%. What is happening here is a rapid dismantling of the American institution of free markets into a system driven by Washington (state-owned-and-controlled) authority.

I would be one of the first to say that there have been many failures during the past ten years in the free market system to regulate itself. And there have been abuses. Primarily caused by individual greed. But the miracle of the free market system itself is that eventually abuses are punished and penalized by the system itself when certain parts of the system die or disintegrate (via Bankruptcy). But the system itself is still good. No where else in the world, does a system allow a "no-body" to rise up from poverty and through individual self achievement accumulate wealth to their own limits and ability. This Obama administration seeks though, to overturn this system we have and give us a system of government owned and government control industry and manufacturing and health care. That system did not work in the Soviet Union or in Communist China. This philosophy does sound good to the "have-nots" because it promises to "take from the rich" and "give to the poor". But if you remove the potential of reward for individual self-achievement you remove the potential for greatness that this country has always given each working American. I want to eliminate poverty as much as the next person. But you do that by giving people an opportunity to rise above their economic circumstances and achieve their own future greatness. You do not do it by redistributing wealth and taking from those who have earned their money and give it to those who have not. What will happen . . . and in fact is already happening . . .is that those individuals who have accumulated wealth of any amount will begin to flee this country with their money and capital and seek to deposit it and store it in off-shore locations that are outside the reach of Washington. It is a financial disease that feeds on itself. As the capital begins to leave this country, then so does manufacturing and other economic opportunity. I . . .for one . . . have already begun a systematic relocation of my own financial assets to non-American depositories. And I'm really just a small fish in the sea. But I will not sit by and have Washington take away from me what I've worked my entire life to accumulate . . .starting with nothing . . . .and give it to the poor and homeless until we all have the same. When that day comes, we will all have nothing. That's my opinion.

Mao said . . .as the video quoted . . .that power comes from the barrel of a gun. He was . . ultimately . . proven wrong. Power comes from an individuals desire to overcome their own present situation and rise above the circumstances they find themselves in. All the gun barrel does is impede or advance that destiny.

http://www.youtube.com/watch?v=27cXXirAIw4