Faith in the Free Market

Faith in the Free Market. www.watchdogonwallstreet.com

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
You ever notice when you're watching any of these news
programs out there, and again you these are betters there
and they start talking about the free market. Get a
lot of leftist politicians on programs, and they always talk
about the right and how they have this faith faith
in the free market, like it's like it's some sort

(00:38):
of religion. It drives me nuts when they say that,
because again, their belief, quite frankly, is the world's not
going to work unless they've got their fingers all over it,
unless they're tinkering with things. And I've done columns on
this about ridiculous economic metaphors and nature and engines and

(01:02):
all this other nonsense. But anyway, it was a Thomas
Soul quote that was sent over to me. So the
political left loves to disdainfully, refer disdainfully to people who
have faith in the free market. Take a look around
the globe, take a look around them, Take a look here, right,

(01:26):
just mountains of empirical evidence from countries around the world
on the superior performance of free markets and are dismissed
as some sort of faith. Meanwhile, the repeated failures of
government run economies are attributed to personal mistakes. Oh yes, yes,
Stalin and Mao and all, they just they just screwed up. Okay, oh,

(01:48):
they just screwed up. And again, if we only get
the right people in charge, man, everything would be great. Well,
I saw this story. This passed me, and again this
is see I told you so, Daniel, You're not really
getting much out of regards to what's happening around the
globe at this point in time, in particular China. I

(02:09):
was actually watched the video this past weekend of major
high rises in China just getting blown up. Wow, imploding. Yeah,
developer can't finish them. They're just knocking buildings down at
this point in time, they don't know what to do.
But anyway, China was not a pretty decent trajectory until
well again z came in and he brought back his

(02:32):
Maoist policies where they're going to command and control everything.
You want to talk about, we talk about here how
bad our commercial real estate market is in China right now,
it's brutal. In the tech cub of Shenzhen, a fifth
a fifth of the high end office space is vacant. Yeah,

(02:57):
twenty two dollars square meter right now, that's what they're
renting at. And again this is all because of what
the government getting involved. And yeah, we see it here.

Speaker 3 (03:12):
Oh, you people are on the right. You have the
faith in the free market and trickle down economics. So
your suggestion to tinker with things and subsidize certain industries
and get involved.

Speaker 2 (03:25):
In everything that helps. What do you guys that just
gave Intel? How many billions of dollars have you? Have
you taken a look at the stock price?

Speaker 1 (03:34):
Again?

Speaker 2 (03:34):
I you always bring up that nursery rhyme there, but
the Humpty dumpty. You know, all the king's horses and
all the kings men couldn't put Humpty together. Again, It's
always the case, it's always the case. You just need
to get out of the way. Bailouts, subsidies. It never works,

(04:00):
never works, You're never got to get back to true health.
I've often talked about the economist Joseph Schumpeter and creative destruction,
where in essence His philosophy is again, somebody's gonna build
something new. Something's going to get destroyed, Phoenix rises from
the ashes, something better will come along. I mean the

(04:20):
auto bailouts, that really solve the problem with the auto industry,
you know again and I get it, okay, the government
again tinkering with the auto industry, you know, making them
cafe standards. Have to build this, have to do that.
No matter where it's tried, it fails. Get out of
the way. Get the government out of the way. It's

(04:41):
not a matter of faith, it's a matter of nature.

Speaker 1 (04:44):
It just works.

Speaker 2 (04:45):
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