Leofwende had a link up to a blog I've never seen before. And I'm hooked.
Anti-Obamanomics: Why Everyone Should Be in Favor of Tax Cuts for the “Rich”
People have not grasped the profound insight of Mises that, in a market economy, in order benefit from privately owned means of production, one does not have to be an owner of the means of production. This is because one benefits from other people’s means of production—every time one buys the products of those means of production.
[...]
In contrast, the view of redistributionists, such as Obama, founded in the most complete and utter ignorance, is that the only wealth from which an individual can benefit is his own.[...]The redistribution of wealth is allegedly necessary to enable an individual who does not own the wealth presently owned by others to benefit from that wealth. Only as and when their property passes to him can he benefit from it, the redistributors believe. This is the kind of “largesse” Obama intends to practice. It is taking funds from those most prodigious at accumulating capital, capital that would benefit all, and then giving the funds to others to consume.
Now, it's a very long blog post on economics, so it don't exactly read like Frank J. But this blog post does a good job of explaining why tax cuts for the rich are better than tax cuts for the middle class. I plan to tuck the $1000 example away in my brain in case I ever need to explain it to someone.
Leofwende linked to this post: The Myth that Laissez Faire Is Responsible for Our Financial Crisis. I mean, duh, how could I not want to click on that? And after reading it, I finally clearly understand what happened to lead to the bailout.
I will have to keep reading George Reisman's Blog. Get my smart on.
Posted by Sarah at November 7, 2008 07:56 AM | TrackBackBack when I was in high school, 1953, Charles Wilson who was president of GM said what we young Democrats thought was infamous, "What's good for General Motors is good for America." Now with a lot of experience and age I realize that what is good for the companies that are the engine of our economy is actually very good for America. A lot of Democrats do not seem to understand that even though many of them are up in years as I am.
Posted by: Ruth H at November 7, 2008 09:07 AMOMG, I actually found that blog before you did...amazing...it was just 2 days ago, because I was doing a Google search on laissez faire and the financial crisis, and that one of the top results...I feel so proud, like I should get a "good little grasshopper!" pat on the head from my TTG guru...;-)
Posted by: CaliValleyGirl at November 7, 2008 10:40 AMGlad you liked it!
Posted by: Leofwende at November 7, 2008 11:20 AMthe view of redistributionists, such as Obama, founded in the most complete and utter ignorance
Rightist projection. Reisman's ignorance is infinite. Laissez faire? Anything goes? Only a Republican could possibly believe a boat could sail without the guidance of a Great Helmsman! Would you fat cats let go of the steering wheels of your gas-guzzling SUVs? Never! If control is good for you, it is good for Omerica! Half of your country has freely chosen Great Leadership! How long can you remain deaf?
Or blind? Look at the wonders of the kolkhozes and the Great Leap Forward. Can we replicate such miracles in the mOtherland and be "dizzy with success"? Yes we can!
Posted by: kevin at November 7, 2008 11:33 AMWow...I must have missed the part of the great 'O'ne's speech where he revealed the spot we could all go get our Kool-Aid and crack.
Glad Kevin heard it loud and clear, though.
Posted by: Guard Wife at November 7, 2008 12:12 PMDoes your blog have a kos-kids fatwa on it all of a sudden, Sarah? Seriously; more in the last few days than since I started reading it.
Posted by: Leofwende at November 7, 2008 12:38 PMI think Kevin's comment is facetious. He's pretending to drink the kool-aid. Kevin is showing how silly kool-aid drinkers are...especially the reference to The Great Leap forward which resulted in starvation and many problems...no one would ever call that a success.
Posted by: CaliValleyGirl at November 7, 2008 12:45 PMYou may be right, CVG. It does seem enough over-the-top that it could be sarcastic. All right.
Posted by: Leofwende at November 7, 2008 01:01 PMProblem is, it's very hard to parody the Kos denizens.
Guard Wife,
True prOgressives would never drink capitalist drinks like Kool-Aid. You are confusing us with the college kids who preach socialism but keep the rich in power with their parents' credit cards. Those faux-proletarians at Kos graduate and become kulaks. Or, worse yet, wreckers, better known as "Republicans." We hope that our civilian national security force can ... deal with this problem in an ... appropriate manner.
CaliValleyGirl,
no one would ever call that a success.
It is sadly true, I admit, that the plans of Great Leaders do not necessarily work out. At times we have too much faith in the people. We are idealistic, even naive. We underestimate the number of wreckers. We cannot imagine why any rational persyn would not want to be a shock worker for socialism ... an American Stakhanov or Lei Feng.
Even now, whiny Rightists object to the One's plan for "volunteer" work:
Americans Not Asked to Serve After 9/11: President Bush squandered an opportunity to mobilize the American people following 9/11 when he asked Americans only to go shopping ...
Obama and Biden will set a goal that all middle and high school students do 50 hours of community service a year.
They will "Require 100 Hours of Service in College".
True Omerican youths will not object to the One and the Biden determining how their time is best spent.
Ayn Rand, queen of capitalist complainers, once wrote:
"Where there's service, there's someone being served."
I can't think of anyOne better to serve.
Posted by: kevin at November 7, 2008 01:43 PMKevin is a trip! Kevin you are like an SNL skit that would get banned and then only seen on Pat Dollard's site...me likes!
Posted by: CaliValleyGirl at November 7, 2008 02:11 PMI can't believe my sense of humor is gone such that I didn't pick up on Kevin's snark-asm. :) But, in truth, I love Kool-Aid. Just not Ko'O'l-Aid.
Posted by: Guard Wife at November 7, 2008 04:26 PM