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The Judge explains that while today's economic crisis may be a crisis of capitalism, it is a crisis caused not by free markets but by their absence.
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Does the government work for us that we work for the government the government seems to regulate everything under the sun.
Tonight we really have a free market and America.
When the colonists first one their independence from England.
They threw up -- shackles of government regulation from 3000 miles away and traded it in for government regulation at home.
Soon each count each of the colonies would replace the British parliament's laws with Iran tariffs and taxes and regulations.
But at the very end of the revolution right before local regulations were enacted.
The market here was truly free.
What is a free market.
Free market is a system of exchange of goods and services that is free from government intervention or interference.
The big government types in both parties here have often contended that the free markets have failed -- and actually cause the recession from which were all suffering today.
This argument of course is ridiculous and born a big bets the federal government enacted laws that encourage banks to lend to what they ordinarily would not.
And in some cases forced them to do so.
When that didn't work to the satisfaction of the bureaucrats they use taxpayer dollars to get the banks to lend to those who were not creditworthy.
Fannie Mae and Freddie Mac those two behemoth corporations.
Owned by the taxpayers.
Effectively told the banks to lend to -- -- they could because home -- was good for everybody.
And then sell the debt to that to Fannie and Freddie.
That would be you the taxpayers.
So un creditworthy borrowers received loans from banks and bought houses the banks made money on each loan.
The federal government what the loans from the banks the banks were up about the borrowers defaulted.
And the taxpayers got stuck with the losses.
You'd be hard pressed to find any industry or business in America that has not regulated by the federal government.
We don't have free markets in the United States but we do have capitalism.
The free market and capitalism are not the same thing.
Capitalism is the private ownership of the means of production and the use of -- to turn a profit.
A free market operates under capitalist principles but capitalism does not necessarily require or as we know even prefer.
A truly free market for all kinds of capitalism that don't reply on a free market crony capitalism.
Also known as corporate tourism.
It's a form of capitalism where the government favors.
Certain owners of the means of production over other owners.
And certain industries are assisted by the government to the detriment of others.
Enter the principle of debt.
Economists as different -- Karl Marx and Friedrich Von Hayek warned that debt would crash capitalism.
Marx wanted to -- to be controlled or regulated by the government -- wanted to have to be regulated by the free market.
In the land of the free we have rejected high -- free market values for Marxist government dominated values.
Marks and -- actually predicted the multi trillion dollar debts the western world is now buckling under because they saw that eventually.
Capitalism that rely on the government and not -- free market would create the conditions where debt is necessary to sustain an illusion of growth.
Marks the solution was total government control -- solution was total freedom from the government.
The miracle of our free market is that it sets prices not based on government command or the illusion.
That central planners and the government can know everything and make perfect decisions.
But on actual supply and to me.
A free market utilizes the information that each participant within the market has in order to make decisions that are best for that participant.
Stated differently.
You know when something is a bargain or -- you know when something question too much and you can freely decide whether and when to purchase it.
Except when the government forces you to do so -- in the government force you to buy something.
Take the case of someone for a certainly -- fit the definition of a capitalist venture.
It was a private means of production of solar panels that was attempting to turn a profit.
But it was also crony capitalism.
And so the capital available to some lindros was not based on economic risk reward but on political calculations.
By using your tax dollars to help finance some -- The Obama administration.
Forced you to buy so -- stock you're not free to say yes or no.
And our oral a half billion dollars -- because of it.
And that's just the one -- -- cylinder.
There are hundreds of others in which the government's marks inspired central planners.
Have made decisions on how to spend your money.
Not based on free market principles but on pure politics.
What we'll save us from this economic catastrophe.
Is -- return to free market principles at almost as importantly.
A realization that the economic mess we are in today is not due to the free market but do in fact to the absence of it.
From New York defending freedom.
