Friday, June 18, 2010

Geithner's Meeting Yesterday Evening Violates Adam Smith's Warning

According to Treasury spokesman, Andrew Williams, yesterday evening “Secretary Geithner hosted business leaders for a discussion on the state of the economy, jobs, industry trends, infrastructure investment and U.S. competitiveness.”

EPJ has obtained the list of those in attendance with the Treasury Secretary, it was a meeting of the ruling elite in the communications industry:


Brian Roberts, CEO, Comcast

Randall Stephenson, CEO, AT&T

Ivan Seidenburg, CEO, Verizon

Glenn Britt, CEO, Time Warner Cable

Paul Jacobs, CEO, Qualcomm
The only thought comes to mind is Adam Smith's warning (From The Wealth of Nation's Book I, Chapter X, Part II, pg.152 )
People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. It is impossible indeed to prevent such meetings, by any law which either could be executed, or would be consistent with liberty or justice. But though the law cannot hinder people of the same trade from sometimes assembling together, it ought to do nothing to facilitate such assemblies; much less to render them necessary

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