Bill Murchison

Democrats are so ecstatic over Republican opposition to financial regulation that they can't wait to campaign this fall on the theme of Wall Street versus Main Street. Yum. Won't the voters eat that up with a spoon? Some may. Others may reflect, if they don't know it intuitively, that the worst way in the world to get people to do things is to penalize them. So with tax increases and regulations. Milton Friedman was famous for, among other things, noting that when you want more of something (e.g., investment, expansion) you reward it; when you want less, you penalize (e.g., tax or regulate) it.

Penalties and restraints on investment will lower a U.S. jobless rate of 9.5 percent? Why would anyone in his right mind think so? Possibly no one would, save for the truest of true believers in government control. Then how come? Is sticking it to "fat cats" just a strategy to make labor unions happy, along with various other parties hostile to "Wall Street"? So chilly toward business is President Obama that he apparently thinks it fine to bluster about kicking rear ends and such like as punishment for the act of objecting to his economic theories.

Nothing new in that, perhaps. A couple of years ago, "folks" (Obama terminology for "people") were glad to put up their hands as they went on -- and on -- about "hope and change." Nice words: on a par, certainly, with "peace and love." The candidate who invoked hope and change as the underlying rationale for his coming ascendancy didn't understand, or just possibly didn't care much about, the intractable nature of reality: that's to say, about things that don't just happen when you put up your fingers and ... oh, well, happy 70th anyway, Ringo.

Bill Murchison

Bill Murchison is the former senior columns writer for The Dallas Morning News and author of There's More to Life Than Politics.
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