February 19, 2013

From our overstocked archives: No fault capitalism & lemon socialism

Sam Smith, 1994 - Behind the public drama of the S&L solution is the most egregious example to date of no-fault capitalism and lemon socialism. The former is the remarkable principle that - notwithstanding all the fawning over the ""free market economy"" - our largest business institutions are philosophically, fiscally and criminally exempt from the ultimate consequences of laisse faire.

The latter is the equally inconsistent principle that to maintain the free market the government is responsible for anything out of which private enterprise can't make a profit.

It may not, however, help support this magnificent non sequitur through activities that might actually provide income for the government, No, the rules of the game are that a major industry is allowed to make whatever mistakes it wishes in pursuit of the holy grail of free enterprise, the costs of which to be fully borne by the taxpayer,

No comments: