Categories:
Political Economy
I get the distinct sense from the transcript that [President Obama is] a bit miffed by the accusations that he’s anti-business. He emphasizes (possibly even exaggerates) the “great political expense” with which he bailed out the banks.
Bailing out the banks may be pro-business. However, it is anti-capitalist. In a capitalist system, it is as important that businesses be allowed to fail as it is for them to be allowed to succeed.
READER COMMENTS
david
Jul 31 2009 at 9:00am
And it is exactly distinctions like these – and the expectation that the body politic will understand or even care about such distinctions – that ensure that political libertarianism remains a dead end, perpetually pushed around by pro- and anti- business anti-capitalists.
Grant Gould
Jul 31 2009 at 3:41pm
This — running the state for the benefit of folks who have the capital — is exactly what most people mean by capitalism. It’s past time for free marketers to give up on the world “capitalism”.
Babinich
Jul 31 2009 at 9:29pm
Arnold,
AIG going under would be a bad thing. I’d think we’d agree that keeping AIG afloat in much the same manner of LTCM would be the way to go.
Max
Aug 4 2009 at 4:28am
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