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Thursday, March 19, 2009

Atlas Shrugged is Coming True (OT)

Bloomburg columnist Caroline Baum hit the nail on the head in Obama Needs AIG’s Liddy, Not Other Way Around

She was probably writing this when I was jumping up from the dinner table last night while watching the news, yelling out the same thing.

See an earlier post here: If Only We had Published This Title . . .

Understand that I write this as a business owner very concerned about our general direction, and how it might impact my business, my employees, and what you will eventually read.



Pete Carmichael said...

I am baffled by this entry and the article. The origns of the meltdown began in the Clinton administration when deregulation became all the rage. But suddently the federal government is now responsible for this economic catastrohpe because of the bailout. The illogic is so astonishing. The Federal government is to blame in not providing enough oversight, allowing too many companies to be overly leveraged and others to trade crazy derivatives that invented wealth for them at our expense. Ted and others who subscribe to this world view that Washington is out to destroy our personal and financial liberty make no attempt to be fair or objective about the limits of both a free market system and government intervention. I read this blog for the first time today and see much that is wrong with political discourse in this country and how blogs faciliate rants rather than informed and civil debate. Read David Brooks, a thoughtful conservative commentator, and get a grip. One can criticize Washington without resorting to conspiracy theories or other emotionally laden illogical appeals. I should add that Mr. Greenspan, a disciple of Ms. Rand renounced an elemental principle of Atlas Shrugged---that the pursuit of unbridled self-interest will bring economic rationality and general progress. Greenspan said that it was his great mistake in believing that people, if left totally free of government regulations would not engage in self-destructive greediness. This is warning to us that every maket needs a degree of govermental oversight. We can disagree about the level of involvement but any libertarian solution to this problem comes from confused thinking that blames the government for past excesses of an unregulated financial system that burned down our financial houses as tinder to fuel their greed.

Anonymous said...

"Just kick in the door and the whole rotting structure will come tumbling down."

Some media wag on the US financial system?

No. Hitler just before invading the Soviet Union.

Anonymous said...

Mr. Carmichael

I always find it interesting when someone is brave enough to express concern about how political decisions might impact his livelihood, and then another jumps down his throat and calls it a "rant." I did not see this as a left or right political statement by Mr. Savas. He was writing about how Washington decisions are affecting his livelihood and family. I supposed for people like you who work in Ivory Tower land, it would be more convenient if small business owners would just shut up and stop being so troublesome.

I doubt he cares whether he is being screwed by someone who has a D after his name, or an R. The fact is he is worried about policy impact. At least, that is how I read this post.

It is beyond dispute that American banking, coupled with our financial markets and all its related components in our economy including the mortgage industry, is the most regulated and tightly monitored of systems. I know. I was in the investment banking world for 22 years.

Unregulated financial system? Free market? Surely you jest.

Mark Long

Peter Carmichael said...


Thanks for proving my point. Rather than dealing with my ideas, you dismiss them as a product of the ivory tower, not knowing the first thing about me or what I stand for. Then to go on to suggest that I want all small businesses to close is offensive and absurd. Your reasoning is also powerful on the point that your involvement in the investment banking world makes you an aauthority beyond challenge. Sounds to me like the kind of arrogance that I hear in academia all the time---I am expert so don't question me. In the end, you of course avoid evidence that must be confronted but does not conform to your black and white view of the situation----deregulation since the Clinton years and a Congress that has been asleep at the wheel (and not affects moral outrage) set the stage for this disaster. I didn't say that the markets were totally free. That is not even implied. The point is that deregulation did happen and that some of those regulations were imposed for good reason. If you want to engage me, I welcome any discussion, but your ugly response causes me to believe that you can't engage in objective debate, just insults.

TPS said...

Good morning, all.

I am sorry now I even brought this up. I did not intend for this sort of "debate" here. That is my fault for showing frustration.

Pete, how are you? Still remember fondly our walk at Cold Harbor with Bobby Krick in the rain, and your "running" hat. Call me sometime. Would love to catch up. 916-941-6896.

Stay well.


Pete Carmichael said...


I am still stained from the hat dye that streamed across my face that day at Cold Harbor so long ago. Looks like your press is going exceedingly well. We must chat at some point. I know some editors of primary source collections who are looking for a possible publisher. But I am not sure that published primary collections sell well enough