Sunday, March 2, 2014

Rupert Murdoch on the Loony Left in Charge of NYC

Of course, the real answer is no one should be running things. Free markets should be allowed to solve problems, but the loony left is particularly good at interventions, such as, price controls, rent controls and minimum wages, that distort the economy at a very fundamental level.


  1. Arthur Brooks Is Upset that Some Folks Don't Like the Government Redistributing Income Upward

    Brooks tells us that people who are unhappy about the enormous upward redistribution of the last three decades are guilty of the sin of envy. Let's try an alternative hypothesis, large segments of the public are angry because the wealthy are rigging the rules so that an ever larger share of the pie gets redistributed to their pockets.

    There are a large number of well-documented ways in which they have engineered this heist. For example, they have too big to fail insurance that transfers tens of billions of dollars each year into the pockets of the CEOs and shareholders of the country's largest banks. They also managed to secure near tax-free status for the financial industry, which puts tens of billions more into the pockets of the big actors there. And they have constructed a tax code chock-full of shelters that allow pension fund managers like Mitt Romney to get incredibly rich by buying up new companies and teaching them the game.

    They have created longer and stronger government-granted patent monopolies that redistribute hundreds of billions annually from the general public to pharmaceutical companies, tech companies, and patent lawyers. They have put in place a corporate governance structure under which CEOs essentially pay off corporate directors to look the other way as they pilfer their companies. And they have maintained protectionist barriers that allow doctors and other highly paid professionals to earn far more than their counterparts in other wealthy countries.

    Many folks think these economic distortions that slow growth while making the rich richer at the expense of everyone else are bad policy. But Brooks wants us to think that efforts to eliminate these distortions are simply envy that must be held in check.

    1. What you describe is nothing other than progressive government. And what keeps it going is envy. That is the fuel for the engine that ensures a strong government willing to go to great lengths to protect and preserve wealth in the name of managing stability. The last thing anyone with a large amount of wealth wants is a weak non-interventionist government. Weak government's cannot protect global wealth. Weak government's have no protection that can be bought off.

      Thanks in large part the welfare/warfare state (they are the same in the bankers eyes), we now have governments all across the globe that are so in debt and have economies that are from a financial perspective structurally doomed, that those with extreme wealth have absolute power over the debt fueled junky aka your government. Look at the tax structure at any level of government and what you see is a financial structure heavily dependent on those with high incomes to foot an enormous amount of the cost. Destroy the high incomes and the gig is up for government.

  2. When you give very fallible people political power, you shouldn't be shocked when they ultimately abuse that power for their own gain and that of the friends and cronies. It's like night following day.

    As for the loony left, it's really hard to fathom how people can watch the left's political stranglehold in cities like Detroit, St. Louis, Chicago and Philadelphia, see how these cities are run into the ground, and yet not have the willingness to connect the dots. "Let's see…these places have been run by liberals for decades and they have become economic wastelands. Hmm. I wonder why that is??"

    Of course, replacing the left with the right has its own dangers. The do-good fascists in New York City have transformed what was once a vibrant center of culture into a mini-police state, complete with stop-and-frisk, limits on Coke containers, and other absurdities too numerous to mention.

    Why do people put up with this nonsense?