The idiots guide to housing crisis, a common argument you will hear from critiques of capitalism, the claim that the market somehow is the fault for why we're facing the housing bubble. I have Philosophy Tube debunked on the industrial revolution, as well as the erroneous claims that the market and crisis are one of the same thing.
If you wish to learn more in-depth for why the 2008 financial crisis occurred, you can watch my video explaining the crisis here below.
2008 Financial Crisis:
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As I have covered extensively in the past, capitalism is grossly misunderstood and Philosophy Tube illustrates just how ignorant he is of what the market is, his logic is upside down and contradictory. On one hand, himself and Mexie seem to acknowledge it means the market regulating itself, but on the other they seem ignorant of the control and manipulation of the interest rates that resulted in the boom and bust cycle throughout the 20th century. Again, this is something I have fully explained in the 2008 Financial Crisis video.
Neither Philosophy Tube or Mexie seem to comprehend the laws of supply and demand, nor do they understand prices. Philosophy Tube proves this as he seems ignorant of the fact that an abundance of housing, if there was more than enough to go around, it would mean the price would fall, not drive up. Both of them illustrate the point I made that they seem to think they can just ignore the laws of supply and demand.
It is important to address, E. P. Thomson, a British historian who was a strong critique of capitalism was forced into concession, in his own work, he wrote that the living conditions of the industrial townhouses were _"better off"_ and even emphasised the words _"better off"_ in quotes, than the hovels they came from living in the countryside fifty years prior to then. That marks the improvement of living standards.
Yes, no one denies the living conditions were poor if you were to compare the living conditions then to today, which is simply irrational to make such a comparison, again, he seems ignorant of the fact Britain's industrial revolution was rife with mercantilism and as I've pointed out there was no market freedom but a history of subsidisation by the state.
It's a bit like claiming there was a lack of government regulation in the industrial revolution in the United States, whilst that may be true, look at the countless companies that faced bankruptcy because of state intervention via internal improvements, which is another term for corporate welfare.
In this video I lay bare the ignorance of not just the cause of the housing crisis briefly, but of what we're up against regarding history and the market, hopefully people can learn a thing or two as socialism most certainly is not the answer to solving our problems today. You can learn more about the damage subsidies caused below.
Why Subsidisation Fails:
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Free Market Monopolies Myth (Failure of Subsidies):
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• Introduction: (0:00)
• Economic Trade Offs: (0:28)
• World of Scarcity: (1:16)
• Market versus Crisis: (2:06)
• Supply and Demand: (4:29)
• Explaining the Market: (8:31)
• Industrial Revolution Living Conditions: (9:51)
• Mexie's Contradiction: (13:21)
• Idealism and Consequences: (16:02)
• Anti-Market Caused the Crisis: (20:56)
• Dictatorial Venezuela: (22:27)
• British Industrial Growth: (23:59)
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