Pop quiz.
The state's increased role in times of crisis is a natural reaction to market setbacks. Instead of streamlining market mechanisms, some are tempted to expand state economic intervention to the greatest possible extent.
The concentration of surplus assets in the hands of the state is a negative aspect of anti-crisis measures in virtually every nation.
In the 20th century, the Soviet Union made the state's role absolute. In the long run, this made the Soviet economy totally uncompetitive. This lesson cost [them] dearly. I am sure nobody wants to see it repeated.
Nor should we turn a blind eye to the fact that the spirit of free enterprise, including the principle of personal responsibility of businesspeople, investors and shareholders for their decisions, is being eroded in the last few months. There is no reason to believe that we can achieve better results by shifting responsibility onto the state.
And one more point: anti-crisis measures should not escalate into financial populism and a refusal to implement responsible macroeconomic policies. The unjustified swelling of the budgetary deficit and the accumulation of public debts are just as destructive as adventurous stock-jobbing.
So who said it? Was it Newt Gingrich? Ron Paul? Would you believe it was Russian Prime Minister Vladimir Putin at the World Economic Forum in Davos, Switzerland last month?
It's interesting to note that Putin understands that it's not even in Russia's interest for America to go socialist. Obama worshipers worldwide need to understand that a weakened, impoverished America is not necessarily what they need right now.
More
Stimulus Bill Railroaded through Congress before Obama cabinet ready to spend it
Of course, the New York Times waits until AFTER the bill passes to point out the obvious; with precious few cabinet people in place and Bush holdovers manning many desks, there's no one in the departments who can authorize spending the $787 billion that the president swore to us we had to pass NOW or else:
Rush to Wait
A 1,000-page bill passed in two days sat unsigned on the president’s desk for three.
Were They At The Same Meeting?
Charity requires that one concede the possibility that genuine piety was a part of Pelosi’s (rather boorish, and certainly irregular) insistence on being given a private moment with the pope during her current taxpayer-funded junket to Rome. But her office’s statement on today’s meeting makes it clear something else was afoot...
'NY Post' in Obama-Chimp-Stimulus-Racism Flap
