Even Ayn Rand would be a Keynsian
Wednesday, December 10, 2008 at 09:58PM I have a soft spot in my heart for libertarian philosophy. Though I'm not a strict libertarian by any stretch, I'm sympathetic to their POV, and generally regard free markets as corrective and (largely) self regulatory.
But over the past few months, I've gained a new appreciation for government intervention. There's no question in my mind that massive government assistance -- in the form of loan guarantees and direct capital infusions -- has been necessary to stave off a depression. Libertarian economic philosophy wears well as an after-dinner topic at the University of Chicago's Friday night Adam Smith social, but not so much when the financial markets are crumbling.
That's why I had to laugh when I stumbled across this Newsweek interview with Dr. Yaron Brook, the head of the Ayn Rand Institute. Evidently, Dr. Brook lives in a parallel universe that only occasionally intersects with our own. How else to explain such gibberish?
Reader Comments (4)
Sorry Nick but you are way off on this one.
the free market has yet to be really tried in this country since FDR. the current mess is largely instigated by bad lending practices instigated by the government. the government, not the market, decided that everyone should have a house, that everyone is creditworthy to have a house, that it's racist to deny anyone a mortgage. well.
then there's the auto industry. a combination of govt-backed unions and unrealistic government regs (twin fleet CAFE) pushed it over the cliff.
and overall, the collapse is now fueled by the fact that the game is no longer about where to invest money based on economic reward, but guessing which entities have been declared winners and which losers by a secretive bailout program.
the huge regulatory welfare state, backed by loose money and populist b.s., is collapsing, and let's blame... ayn rand? wow.
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