A self-sufficient, vibrant free-market economy forms an important component of national security. As we alluded to in a previous post, the private sector obviously has corrupt and fundamentally unfair and greedy elements, to say the very least. But excessive government intervention--not to mention nationalization of industries--leads to high costs, inefficiencies and disincentives, and more corruption. With that in mind we found this item from the British press almost funny, except that the rest of us are involuntarily along for the ride:
Wealthy Wall Street financiers and other business figures provided crucial support for Mr Obama during the election, backing him over the Republican candidate John McCain as the right leader to rescue the collapsing US economy.
But it is now dawning on many among them that Mr Obama was serious about his campaign trail promises to bring root and branch reform to corporate America - and that they were more than just election rhetoric.
A top Obama fundraiser and hedge fund manager said: "I'm appalled at the anti-Wall Street rhetoric. It was OK on the campaign but now it's the real world. I'm surprised that Obama is turning out to be so left-wing. He's a real class warrior."If we remember correctly, Ayn Rand termed those who were part of the corporate welfare/individual welfare system in Atlas Shrugged as "looters."
