President Bush’s Eulogy for Capitalism
I got this email yesterday morning from my former colleague Mark McMahon, a Rhodes legend who retired after my first year here and a wonderful mentor:
I finally figured out what Bush is up to!
I just couldn’t see how he could praise capitalism as he did in his recent speech on the benefits and virtues of markets historically while doing so many things to hinder the work of markets.
After the bailout of the UAW and inefficient, non-innovative auto firms, it’s now clear. Like Mark Antony, he came to bury capitalism, not to praise it!
In related news, a planned Toyota plant near Tupelo, MS, has delayed the beginnings of its operations. This hasn’t been mentioned in any of the news reports I’ve seen, but it’s a fair bet that they would be proceeding more rapidly if the government weren’t propping up inefficient competitors.
Cross-Posted at Division of Labour.