by Jason Kuznicki. Inspired by this.
The first is that you have mistaken mere wealth for market process. You praise the industrialist and the banker. Very well. Often they deserve it. But have you looked closely at the industrialists and the bankers just lately? Among Ayn Rand’s villains, I don’t believe that a single one was poor. Every one of them was a member of the elite, and almost all of them were rich. They were people much like we know today, who maybe once upon a time set themselves apart through their own efforts. But at some point they committed a cardinal sin — they reached for the state to keep themselves on top. They made bad bets, then pleaded that they were too big to fail. You’ve heard these things before: “You have to make certain sacrifices to the public welfare… We cannot permit the ruin of an establishment as vast as [GM, or Chrysler, or Citigroup, or Fannie Mae, or Morgan Stanley]… The country’s economy would not be able to stand a major dislocation at the present moment.” That’s not from the recent financial crisis. It’s on page 902 of Atlas Shrugged. Click here to read more.