Tuesday, March 18, 2008

Socialism for the Rich

E.J. Dionne nails it:

Never do I want to hear again from my conservative friends about how brilliant capitalists are, how much they deserve their seven-figure salaries and how government should keep its hands off the private economy.

The Wall Street titans have turned into a bunch of welfare clients. They are desperate to be bailed out by government from their own incompetence, and from the deregulatory regime for which they lobbied so hard. They have lost "confidence" in each other, you see, because none of these oh-so-wise captains of the universe have any idea what kinds of devalued securities sit in one another's portfolios.
As we continue into the heart of the 2008 political campaign and are treated to lectures from "conservatives" about moral hazards and the virtues of the Invisible Hand, we should take every opportunity to remind them of how the very visible hand of government has strained to save barons and rank speculators from themselves of late.

2 comments:

Samuel John Klein Portlandiensis said...

It's no better than one would expect from a group of people who think the entire text of The Wealth of Nations is the words "the invisible hand" repeated from the first page to the last, when in fact Mr Smith only uttered it three times in the entire book.

The only thing sane people aren't any more is surprised by this behavior. Appalled? Sure. Surprised? No.

And you know the beggars aren't learning thier lesson either.

Dale said...

SJKP, I'd like to say the shallowness and hypocrisy adds to life's rich tapestry. Better yet, I'd like to believe it.

Alas.