Monday, September 21, 2009

Quote of the Week (Early Contender)

"In capitalism as envisioned by its leading lights, including Adam Smith and Alfred Marshall, you need a moral foundation in order for free markets to work. And when a company fails, it fails. It doesn't get bailed out using trillions of dollars of taxpayer money. What we have right now is Corporatism. It's welfare for the rich. It's the government picking winners and losers. It's Wall Street having their taxpayer-funded cake and eating it too. It's socialized losses and privatized gains."

-- Arianna Huffington in a piece that looks at Michael Moore's new movie, Capitalism: A Love Story


CNNfan said...

As a news junkie, I just love Arianna's news product, which is a combination of her fresh personal appearance, eloquent speech and her presentation and of course her uba-cool state of the art website design that is so comfortable to use. Whenever, Arianna is on the news, I always tune in, and I know that she is quite popular among fans.

kanye said...

It should probably be noted that in addition to spending the better part of two decades helping to lay the foundation that our current house of cards is built upon, Arianna's current business model more closely represents the type that Adam Smith argued against than anything that he ever espoused.

B8ovin said...

Knowing full well your relationship with the Huffington web enterprise, I'm going to go ahead and say it: I will never understand the elevation of this woman on the political scene, particularly in her current incarnation. She is monstrously ignorant of science and medicine but uses her blog promote the worst new age pseudo science. Her political knowledge is above average but not nearly as refined as her status would demand. Even this quote is plebeian: it assumes casual definitions of "socialism" and "moral foundation" without even a cursory nod to the reality of what the Reagan, Clinton and Bush administrations did to deregulate the markets, making our economy inter-related. It's fine to say if a business fails it fails, it's quite another thing to recognize the reality that given companies have become so big they ARE the economy. She did get the "welfare for the rich" part right.