Everything is gambling if one of the following conditions exist: a) You don’t understand the game b) You’re not smart enough to play the game or c) You have a losing expectancy of success when you calculate your weighted probability of success vs. failure.
Month: December 2010
It seems like a collective group o f people, under a democratically elected government, are incapable of stopping their drunken debt demise until they get a liver transparent (eg. debt-restructuring or bailout).
How do we stop this? MORE REGULATION. MORE LEGISLATION. We need legislation that makes it illegal to run a deficit. No excuses.
There should be no excuses. We need a small government with less socialist policy. Capitalism and free markets can help take care of the rest.
The Logic of Socialism (or Lack Thereof)
If person A is offered $1 FREE and person B is offered $5 FREE and person A refuses due to unfairness, person A is exhibiting the poor logic of a socialist and some liberals.
Socialists think (or maybe their problem is that they don’t think enough) it’s better to have everyone enjoy a worse quality of life than have unfairness. Many people are socialists–people who didn’t take economics or do their homework.
I believe the propensity to take risks is one of the greatest determinants of someone’s career choice. Being able to manage risk well is not a skill too many people have. This is one of the reasons why debt is so prevalent. People aren’t managing risk appropriately or simply “kicking the can down the road.”
I suggest that we need public sector employees to assume greater risk by having clear targets and being paid on performance rather than simply a guaranteed salary.