ABOVE: Terrific book idea for those who want to understand more about real capitalism. Our new capitalism-illiterate president needs to read and absorb it, but sadly he probably won't.From David Limbaugh's recent piece, MEMO TO CAPITALISTS, Be Very Afraid
PEOPLE WILL produce more when they are allowed to retain more of the fruits of their labor. You simply cannot expand the economic pie by separating rewards from efforts. To do so is a failsafe prescription for economic stagnation -- if not immediately, then in the long run.
Yet the current administration and its wholly owned congressional partners have embarked on a course to destroy capitalism from every imaginable front.
Sadly, far too many Americans are apparently oblivious to the magnitude and peril of this systemic assault. They are also obviously unaware that the constriction of economic freedom will necessarily result in a constriction of political freedom.
When the government, instead of the free market, picks winners and losers, it exercises coercive power in employing its value judgments. If it has a prejudice against capital and favors labor, its decisions will reflect those biases, at the expense of the rule of law.
We've already seen this with the White House's strong-arming of GM creditors, using threats and intimidation to force a major shift in ownership and control from disfavored (business) groups to favored (labor) ones. Thomas Lauria, attorney for creditor Perella Weinberg Partners, blew the whistle on the White House's totalitarian threat to destroy his client's reputation unless it accepted the administration's Chrysler-restructuring plan to give the United Auto Workers 55 percent of the company.
Other creditor representatives have told similar stories. One described the administration as the most shocking "end-justifies-the-means" group he has ever encountered.
Another said, Obama is "the most dangerous smooth talker on the planet -- and I knew Kissinger."
The White House, of course, denies the charges -- as if it's remotely conceivable it would admit them if they are true -- but we all saw Obama directly single out and publicly demonize the firms, such as Perella Weinberg, that wouldn't roll over to his demands.
Folks, this is just a small taste, a foreshadowing of what we can come to expect from an administration that has already decided who should be the winners and losers and has undertaken a comprehensive agenda to "right the wrongs" -- and even the score -- by using the capricious power of government to radically redistribute income and wealth in this nation.
Obama promised to lower taxes on all but the top 5 percent of income earners, but his policies make that impossible.
READ MORE
PEOPLE WILL produce more when they are allowed to retain more of the fruits of their labor. You simply cannot expand the economic pie by separating rewards from efforts. To do so is a failsafe prescription for economic stagnation -- if not immediately, then in the long run.
Yet the current administration and its wholly owned congressional partners have embarked on a course to destroy capitalism from every imaginable front.
Sadly, far too many Americans are apparently oblivious to the magnitude and peril of this systemic assault. They are also obviously unaware that the constriction of economic freedom will necessarily result in a constriction of political freedom.
When the government, instead of the free market, picks winners and losers, it exercises coercive power in employing its value judgments. If it has a prejudice against capital and favors labor, its decisions will reflect those biases, at the expense of the rule of law.
We've already seen this with the White House's strong-arming of GM creditors, using threats and intimidation to force a major shift in ownership and control from disfavored (business) groups to favored (labor) ones. Thomas Lauria, attorney for creditor Perella Weinberg Partners, blew the whistle on the White House's totalitarian threat to destroy his client's reputation unless it accepted the administration's Chrysler-restructuring plan to give the United Auto Workers 55 percent of the company.
Other creditor representatives have told similar stories. One described the administration as the most shocking "end-justifies-the-means" group he has ever encountered.
Another said, Obama is "the most dangerous smooth talker on the planet -- and I knew Kissinger."
The White House, of course, denies the charges -- as if it's remotely conceivable it would admit them if they are true -- but we all saw Obama directly single out and publicly demonize the firms, such as Perella Weinberg, that wouldn't roll over to his demands.
Folks, this is just a small taste, a foreshadowing of what we can come to expect from an administration that has already decided who should be the winners and losers and has undertaken a comprehensive agenda to "right the wrongs" -- and even the score -- by using the capricious power of government to radically redistribute income and wealth in this nation.
Obama promised to lower taxes on all but the top 5 percent of income earners, but his policies make that impossible.
READ MORE
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