Yesterday’s New York Times ran this article in its opinion section, the gist of which is that capitalism is ever more in disrepute that we need to find a better economic model.
This is smarmy journalism. The left is desperate to use the current crisis to push for even greater government interferences with the voluntary processes of the market — producing and selling goods and services. It is equally desperate to avoid having ordinary people figure out that they’re now going to have to pay for the visionary boondoggles of the politicians who always claim to be their friends. That bit of deception MUST be maintained and the Times is playing the role of Pravda.
I just sent the following letter to the editor:
As predictable as the sunrise, the Times seizes upon the present economic turmoil to publish a piece arguing that capitalism lies in discredit. We supposedly need to trade in that old capitalist clunker in favor of a fresh new model with lots of socialistic, regulatory features.
I have to wonder — didn’t it occur to writer Alex Berenson to solicit the opinion of any economist who understands that our current travails are due to interferences with the free market? Or was he told not to bother since dissent would undercut the message of the piece?
We wouldn’t be in this mess except for the massive economic distortions brought about by forces outside of capitalism — the Fed’s artificially low interest rates, federal pressure on banks to make foolish loans, and the recklessness of two government-sponsored entities (Fannie Mae and Freddie Mac). Can’t you tolerate the cognitive dissonance that government economic interventions boomerang?
George C. Leef
