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The Greatest Transfer of Wealth in Human History

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Daily Dose of Reason - Politics & Government
Written by Michael J. Hurd, Ph.D.   
Thursday, 25 September 2008 14:09
So let me get all this straight.
 
Letting an industry go bankrupt will have catastrophic consequences for every single person in society. It will be the end of our economy. Bankrupting the government by forcing taxpayers to subsidize $700 billion worth of bad debts will save the economy and lead to immediate restoration of prosperity.
 
Human beings cannot be trusted to run a financial marketplace. Freedom of human action leads to corruption and disaster--except when government regulators and bureaucrats are involved. The presence of regulators and bureaucrats guarantees efficient and honest dealings at all times.
 
The private sector is incapable of cleaning up its own mess, with private money raised after private loss. But with government money, the private sector will be saved and rejuvenated--instantly.
 
Bad debt, based on bad loans, which came about through a mixture of longstanding government intervention and ill-advised private sector decisions, immediately becomes profitable--once sold at a government auction.
 
It's immoral for private individuals to make lots of money, even when they assume the risk of unsuccessful outcomes. When all risk is removed, then such action is instantly moral--so long as it's for government-approved decisions, and never private ones.
 
Capitalism can only be saved through the implementation of the biggest socialized, government-sponsored mega-fascist transfer of wealth in human history.
 
Got it.
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