Posted tagged ‘Profit margin’

Economic ignorance on parade!

September 10, 2012

In my previous post I wrote about the importance of understanding economic principles so as not to get fooled by rhetoric. This video demonstrates this point as Peter Schiff, who predicted the 07-08 economic meltdown, spoofs these delegates. These people agree with him that profits should be banned or confiscated,  without stopping to think about the consequences.                                                                                                                                                                                                        What are profits and what is their purpose in a free market economy? (more…)