Thread by @OliverBOfficial

As it seems, not everyone is fine with the bailout package that passed the Senate. I too cannot understand why we cannot let the market function like a normal biota: What is about to die shall die and rot. No need to put it on a lifeline.

gsb.stanford.edu/insights/econo…

Of course #COVID19 is an extraordinary incident having had crushed all preparation if it had been there, and of course no company can withstand for a longer time if forcefully put on utter inactivity. But perhaps it's those concerns considered “too big to fail” that have buried

the Capitalist ideal—instead of companies traditionally winning and failing on the market, thus living on, or dying out and fading away, there are companies having lived for so long and having become so large that their death could lead towards a chain reaction of collateral

damages that on their own behalf were considered to be too fatal to idly watch happening in the first place. Eruptions of this magnitude of course are disastrous and should at best be prevented as well as possible. But on the other hand, how far should we go therefore? Should we

thus put those giant corporations always first when crises ravage us? Such a maxim would offer them great leeway in terms of conducting their operations, incentivizing irresponsible behaviour—in the end, they could count on the states bailing them out in order to prevent their

downfall. They are like spoilt brats exploiting their hapless parents acting as if they no longer bore any power over their children. What would pedagogues recommend to those parents? Acting more “iron-fisted”, of course. Those children need to learn where their boundaries lied.

The same has to be applied for the market: Instead of bailing them out in times of hardship, so that they at worst didn't have to prepare for any troughs or likewise encounters, they have to go through their quotidian life entirely on their own, without a “nanny state” at their

side. Such times indeed require more Libertarians rather than Socialists. The big corporations have to learn to stand on their own feet, while the workers urgently need some support from the state as they are being betrayed by those corporations now extending their open hands.

It's time to save the Capitalist idea, which the corporations have demolished through their existence.

THREAD END

The letter: promarket.org/economics-and-…

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