Wednesday, April 27, 2011

And the "Free Market" Party keeps opposing free markets

The Democrats are often wishy-washy on issues and often beholden to corporate interests, but the Republicans take the blue ribbon on hypocrisy.

The Republicans claim they are for free markets, but an economist's definition of a free market and the Republicans' definition of a free market are polar opposites.

The economist's definition of a free market includes that both buyer and seller should have all the information they need to make a decision.

The Republic's definition is that big corporations should be free to do what they want, including hiding or obfuscating information buyers need to make a decision.

A case in point is the opposition to Elizabeth Warren to head up the Consumer Financial Protection Agency.  She is called "controversial", but what is controversial about true free markets in:

“We’re trying to make the price clear, the risk clear, and make it easy to compare products,” Warren said. “If banks can’t build a business model without fooling people about the price, or hiding the risks, or obfuscating the products so nobody can make any direct comparisons, they’ve got a problem.”

This quote is from "Warren tells the controversial truth", Al Lewis, MarketWatch, 2011-04-22.