DNC, Moore, and Laissez-Faire Capitalism
The Democratic National Convention began last night, providing a few high moments for the party faithful. But I got a few chuckles while catching up on my reading last night.
Michael Moore tells the New York Daily News:"At this point, we need to try anything---and Obama is anything. And if he doesn't do the job we can throw the bum out in four years." (Just don't forget the old maxim: the job of the new president is to make the last president look good. Granted, a President Obama would have to go a long way to achieving that goal.)
Oh, and in a very interesting NY Times magazine article on"Advanced Obamanomics," David Leonhardt calls Obama a"free-market loving, big-spending, fiscally conservative, wealth redistributionist." A study in contradiction. What else is new? The article contains this classic howler:
The government has deregulated industries, opened the economy more to market forces and, above all, cut income taxes. Much good has come of this---the end of 1970s stagflation, infrequent and relatively mild recessions, faster growth than that of the more regulated economies of Europe. Yet, laissez-faire capitalism hasn't delivered nearly what its proponents promised. It has created big budget deficits, the most pronounced income inequality since the 1920s and the current financial crisis.
Laissez-faire capitalism? Laissez-faire capitalism?
It's a fairly typical exercise by contemporary political pundits; every so often, just"free-up" the mixture of regulation and market forces in the everyday see-saw of mixed economic policies and then blame laissez-faire capitalism for the mess.
Anyway, after some truly rousing Olympics in Beijing, the real political Olympics have only begun; pass the popcorn.
Cross-posted to Notablog.
Stephen Smith - 8/26/2008
Yeah – the article makes some pretty ridiculous statements. Like when he says that it's "obvious" that the free market has failed us with regards to the environment and the subprime mortgage market, and doesn't for a moment stop to consider the massive government intervention that has caused both of those problems. I wrote about it here in my blog.
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