Monday, September 14, 2009

The Lehman Anniversary

So today is the anniversary of when Lehman Brothers was allowed to fail. So far, not a lot has been done to fix the system that took us to the brink.

Robert Reich doesn't have much hope. Neither does Dylan Ratigan, who interviews Elizabeth Warren about what has been done and what still needs to happen in the MSNBC video below.

Here is an examination of how Ayn Rand has influenced a lot of economic thinking during the past few decades. Here's a good bit:

Countless conservatives and libertarians have adopted this premise as an ideological foundation for the promotion of their own interests. They may believe the consequentialist arguments against redistribution--that Bill Clinton’s move to render the tax code slightly more progressive would induce economic calamity, or that George W. Bush’s making the tax code somewhat less progressive would usher in a boom; but the utter failure of those predictions to come to pass provoked no re-thinking whatever on the economic right. For it harbored a deeper belief in the immorality of redistribution, a righteous sense that the federal tax code and budget represent a form of organized looting aimed at society’s most virtuous--and this sense, which remains unshakeable, was owed in good measure to Ayn Rand.

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