Another insightful analysis by Dan Mitchell.
“Indeed, the free enterprise system is why we enjoy unimaginable prosperity and why poor people in the United States have higher living standards than the average person in a socialist economy.
But that’s not the point Mr. Fink is making. Instead, he’s giving aid and comfort to the interventionists and redistributionists who want politicians and bureaucrats to have more power.
Which is, of course, the angle the New York Times chose to highlight.”
With apologies to Elizabeth Barrett Browning, here’s the opening of the big-business version of Sonnet 43.
How do I hate thee, capitalism? Let me count the ways.
I hate thee to the depth and breadth and height
My soul can reach, for I am big and competition is a threat
Better to have bailouts, subsidies, mandates, protectionism, and cronyism.
I wish this was just empty satire. Sadly, however, there are many examples of big businesses fighting against free enterprise.
- Consider the way a select handful of big companies use the Export-Import Bank to obtain undeserved profits.
- Or look at the way the major pharmaceutical companies and big insurance companies got into bed with the White House to line their pockets via Obamacare.
And examine how big financial firms pillaged taxpayers as part of the sleazy TARP bailout.- How about the way big agri-businesses rip…
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