Saturday, September 27, 2008

Wall St: What would Ayn Rand think?

Not to be construed as a drift toward Libertarianism...

A great day for the United States of America?

A reminder of what a great power can do when its back is against the wall?

A historic move by a lame-duck administration many thought could no longer solve any problems?

It will be some time before we know whether this week will go down in history as all, or even some, of those things. But as the largest bailout in government history unfolded in almost dizzying waves over recent days, a very different view prevailed at the Ayn Rand Center for Individual Rights, an outpost of free-market, anti-government thinking located just a few blocks from the newly aggressive and highly interventionist Department of Treasury in downtown Washington.

"It's a complete disaster," said Yaron Brook, the executive director of the center. "Its a form of national socialism of the financial markets...This is socialism 101." >> more

We will know the lesson of “Atlas Shrugged” and Rand when businesspersons facing accusers in Government and/or media, stand up like Rearden for their right to produce and trade freely, when they take pride in their profits and stop apologizing for creating wealth. >> more


MK said...

They have a valid point, the markets want to be free of the state to do their thing, that's fine but that means they have to go it alone when the going gets rough too. With liberty comes responsibility. And i think it's important to remember that whatever this bailout is, it's basically taking money from those who were prudent with their money and saved it and giving it to those who were not. It's not government (no matter how big or small) money, it's taxpayers money.

Brian said...

Here's a timely quote from Rand. It's almost as if she could see the future - though in reality, she was simply restating what she had seen in Communist Russia.

"Watch money. Money is the barometer of a society’s virtue. When you see that trading is done, not by consent, but by compulsion–when you see that in order to produce, you need to obtain permission from men who produce nothing–when you see that money is flowing to those who deal, not in goods, but in favors–when you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them, but protect them against you–when you see corruption being rewarded and honesty becoming a self-sacrifice–you may know that your society is doomed."

Also, if you would like to know exactly what government manipulations of the economy brought us to this crisis, read this excellent article - written 8 years ago - which predicted the whole thing:

AI said...

mk: Thanks for coming by!

AI said...

Brian: Thanks for sharing; it's a post in itself...