29/09: Democracy Triumphs
Category: The Economy
Posted by: A Waco Farmer
The Problem with democracy? The People are sometimes ill-informed, short-sighted, and selfish.
In truth, the will of the people is not always the same as the public interest. This is why self government based on representation by courageous statesmen is far superior to the tyranny of the majority (see James Madison et al, 1787).
"Not with my money you don't" is demagoguery. Politicians who caved in to this populist claptrap should be ashamed.
The biggest problem: most Americans see this as happening to somebody else. Unfortunately, we all own this economic crisis.
The other major problem: we are a conspiracy-driven community. Wackos on one side think this is a Bush-Wall Street conspiracy (similar to the conspiracy to rush us into war with Iraq for various nefarious reasons). Wackos on our side see it is a socialist, big-government cabal to extinguish liberty and the market economy.
Up until now we have been a culture so wealthy and free that we could indulge ourselves with these sorts of paranoid fantasies. That era may be coming to an end.
My prediction: if the stock market tanks (and by that I mean a 2000+ drop) over the next few days, my guess is that this misguided empty populist rebellion will evaporate quickly.
BTW: I notice that a lot of congressional Democrats whom I recognize as part of the Black Caucus voted against this rescue. Any ideas what that means?
In truth, the will of the people is not always the same as the public interest. This is why self government based on representation by courageous statesmen is far superior to the tyranny of the majority (see James Madison et al, 1787).
"Not with my money you don't" is demagoguery. Politicians who caved in to this populist claptrap should be ashamed.
The biggest problem: most Americans see this as happening to somebody else. Unfortunately, we all own this economic crisis.
The other major problem: we are a conspiracy-driven community. Wackos on one side think this is a Bush-Wall Street conspiracy (similar to the conspiracy to rush us into war with Iraq for various nefarious reasons). Wackos on our side see it is a socialist, big-government cabal to extinguish liberty and the market economy.
Up until now we have been a culture so wealthy and free that we could indulge ourselves with these sorts of paranoid fantasies. That era may be coming to an end.
My prediction: if the stock market tanks (and by that I mean a 2000+ drop) over the next few days, my guess is that this misguided empty populist rebellion will evaporate quickly.
BTW: I notice that a lot of congressional Democrats whom I recognize as part of the Black Caucus voted against this rescue. Any ideas what that means?
Tocqueville wrote: