Name That System!!
There was an article on the front page of Monday’s WSJ about AIG being able to undercut competitors by as much as 30% due to the government backing it’s receiving.
Some of AIG’s competitors met with Chairman Bernanke on Sunday to voice their complaints about the unfair advantage and unintended consequence AIG is the beneficiary of, as a direct result of it’s atrocious stewardship of the funds it was entrusted with.
There’s also been a lot of banter going around about what our economic system is evolving into, from capitalism to socialism to (yikes) communism to some bastard child of them all.
I’ve heard from some brilliant and clever minds who have suggested the following monikers and descriptives:
Enactmint (spelling intentional): pass laws and print money.
Survival of the witless: requires no explanation
Adverse selection: an economic term that refers to a situation where sellers have information that buyers don’t (or vice versa) about some aspect of product quality.
Unnatural selection, in which mediocrity is the key to survival. Not dissimilar to survival of the witless, above.
Additional entries are welcome. Leave them as comments. Winner receives a LooseKannon t-shirt, as it’s not clear that there’s any greater incentive these days than that.
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“Swellonomics” – The economic system defined by a “swell” guy in charge. Though lacking in basic economic principles, everyone feels better, and every day is a little bit brighter than one before.