Free market? What free market?

Some people are blaming capitalism/free markets or libertarians for our current economic demise. These attacks are misguided at best and malevolent at worst.

Capitalism/free markets require sound money. With a dollar backed by nothing and a Federal Reserve that spends money at will, unaccountable to Congress, we don’t have sound money.

Libertarians believe that fraud is a crime which should be punished and that the perpetrators of fraud should make restitution to their victims. Some businesses that have engaged in poor business practices or fraud have been rewarded by the government (i.e., taxpayers) via bailouts. Most have not been required to make restitution.

A free-market system would not have agencies like Freddie Mac and Fannie Mae (created by Congress) running amok. A free-market system would not subsidize or bail out any business.

Our federal government has become virtually unlimited in size, cost and scope, taking powers it should not have. This is not capitalism. This is not a free-market system. This is not libertarianism. And this is not in compliance with our Constitution.

Janice M. Moerschel

Spokane