Ron Paul vs Michael Moore on Larry King 29/10

When Larry King says this debate might all be semantics, he’s got it all wrong. The distinction between ‘corporatism’ and ‘capitalism’ is crucial to understand the predicament in which the global economy finds itself. Corporatism and interventionism are the cause for the economic crisis, not free market capitalism. Don’t agree? Ironic, then, how only free market economists such as Marc Faber, Jim Rogers, Peter Schiff, Ron Paul, et al. forecast the crisis years before it struck.

PS. Doubt Ron Paul’s credentials as an economist? See what he had to say about the real estate bubble to the House Financial Services Comittee in Congress six years ago (link here). Excerpt below.

“Despite the long-term damage to the economy inflicted by the government’s interference in the housing market, the government’s policy of diverting capital to other uses creates a short-term boom in housing. Like all artificially-created bubbles, the boom in housing prices cannot last forever. When housing prices fall, homeowners will experience difficulty as their equity is wiped out. Furthermore, the holders of the mortgage debt will also have a loss. These losses will be greater than they would have otherwise been had government policy not actively encouraged over-investment in housing.”