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hiimterry Wrote: Oct 24, 2012 10:36 AM
I was just thinking about that program. It's an excellent documentary that, I thought, was on the whole pretty non-judgemental. When they discussed how Rockefeller shut down the Pittsburgh refineries in a move to destroy Scott's railroad it occurred to me that this was the ugly side of capitalism. Thousands were put out of work because of an argument between these two men; men who were already fabulously wealthy. On the other hand, thousands more continued to work because of the industriousness of these two men. Millions lived a better life because of the products these men brought to market. Today's society would ignore the overwhelming good and punish these men for the bad, to the detriment of the millions who used to be better off.
On TV, my Fox colleague Bill O'Reilly says, "The recession was brought on largely by greedy Wall Street corporations."

Give me a break.

Bill's smart. If he believes such things, we who care about freedom have done a poor job communicating economics.

Blaming problems on "greed" is a mindless cliche.

Yes, Wall Street was greedy -- but that's nothing new. Greed is a constant. Did you ever turn down a raise? We need a free market because it restrains greed. Laws against theft and fraud help, but competition does more. With this election approaching, and statist, eager-to-regulate candidates in ascent, we...