January 14, 2009

  • Paging John Galt

    The worst thing to come out of the Bush Administration, is, in my opinion, the socialization of failure. Also known as bailouts. For those who fear that an Obama Administration will take the U.S. deeply into socialism you can thank the Bush Administration for paving the way.

    The Wall Street Journal has a great article about how we are now living Atlas Shrugged, Ayn Rand's 1000 page novel about socialism and capitalism. (Rand is thematically one of my favorite author's, I still remember reading Anthem in elementary school. Imagine a world where the word "I" no longer existed.)

    Written by Stephen Moore (sr. economics writer for the WSJ) I think it is a "must-read" for anyone concerned about the economy:

    The current economic strategy is right out of "Atlas Shrugged": The more incompetent you are in business, the more handouts the politicians will bestow on you. That's the justification for the $2 trillion of subsidies doled out already to keep afloat distressed insurance companies, banks, Wall Street investment houses, and auto companies -- while standing next in line for their share of the booty are real-estate developers, the steel industry, chemical companies, airlines, ethanol producers, construction firms and even catfish farmers. With each successive bailout to "calm the markets," another trillion of national wealth is subsequently lost. Yet, as "Atlas" grimly foretold, we now treat the incompetent who wreck their companies as victims, while those resourceful business owners who manage to make a profit are portrayed as recipients of illegitimate "windfalls." more here

    I honestly believe the single best thing the government could do for the economy right now (besides extending the Bush tax cuts) is enforce the Sherman Anti-Trust act and other anti-monopoly laws. But, that's me. Your mileage may vary.

Comments (8)

  • Brings into emphasis the picture/article I read/saw in NewsWeek just now...WOW 

  • I read Anthem in 6th grade or so - my dad was much too tickled that his baby girl was reading Ayn Rand at such a young and tender age. (We'll ignore the fact that he's the one who gave it to me to read...) Couldn't make it through more than about 50 pages of The Fountainhead, though, and never tried any of her other work after that.

    IMHO, the ones who truly failed were rewarded ages back - they're the ones who get the bonuses and golden parachutes and knew enough to get out before their bubbles truly burst. But hey, I could just be cynical about it.

  • While Ayn Rand is worth a read she certainly needs to be taken with more than one grain of salt. We are not living in her imagination, we are collectively creating something entirely different.

    That's not to say I don't enjoy Ayn Rand, with plenty of water with my salt.

  • extending the bush tax cuts is not a good idea.  trickle down econ doesn't work.  the wealthy do not spend more when they have it...  they only horde.  that is my 2cents..... disregard at will. 

  • @aviran - I guess it depends on what your definition of wealthy is, I don't think that has ever really been universally decided on. Trickle down may not work, but you can't tax your way out of recession either, there are many economists today who believe in hindsight FDR's policies prolonged the Great Depression.

    I'll never disregard your opinion, have a different perspective, sure, but I like the discourse, so never disregard. Having different opinions challenges us to research more which makes us smarter. I can honestly say I have learned a lot from you.

    @StephanieJ73 - There is a lot to be cynical about these days.

  • @bruisingblue - I take all authors with a grain of salt. It is safer that way.

  • @PunkDiva - I am sure you already know what I think of FDR... but to hear you say "use the Sherman Anti-Trust" gives me hope that one day I will win you over.  You too will join the rebel alliance.

    If this bail out mess has taught us anything... it is that people may not be evil...  but people are self centered and only care enough to look out for the one and never the many. Therefore we need regulations in place to keep the "greed is good" people in check.

    I've been watching too many movies this past week, incase you couldn't tell. 

    Battlestar is TONIGHT....  tonight we will find out the who is the fifth.

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