Posted by
Andrews on Tuesday, January 20, 2009 4:43:29 PM
I did not check the transcripts of the inaugural address, but when reading some reports one quote caught my eye:
Nor is the question before us whether the market is a force for
good or ill. Its power to generate wealth and expand freedom is
unmatched, but this crisis has reminded us that without a watchful eye,
the market can spin out of control . .
Of course, this is nothing new, the idea that the market works fine but "needs oversight" is an old, if nonsensical one. Either the free market works, or we need a controlled market. There is no such thing as a free controlled market.And so what this quote really means is "I am paying lip service to the free market, but will impose whatever controls I want, thus meaning there will be no free market."
Some will disagree, but really, what else could this mean? The market needs controls? Well, when does it need controls? When it does anything the people in charge do not like. In other words, the market is to be free so long as it behaves as we want, but will be regulated whenever it behaves in ways we find disagreeable. If that is a free market (with regulations), then a slave is a free man (with regulations) as he can do whatever he wants so long as it pleases his master, only subject to control when his master disagrees with what he does.
Then again, this has been the line of the Democrats for some time. Ever since the more extreme Democrats realized selling outright socialism was a deal breaker, and those pushing a "third way" found that they could not get any traction, the Democrat line has been to pay lip service tot he free market, offering only "regulation" to "correct market failures".
So why do I find it troubling to hear Obama mouthing what is, in effect, the party line?
Actually, it doesn't worry me to hear it form Obama. What worries me more is that I have been hearing it so often from everyone. Ever since the subprime crisis broke, I have heard from supposed conservatives the line that we need "common sense regulations", that the market is great in theory, but since we lack perfect people we need oversight. In short, the Republicans and Democrats, liberals and nominal conservatives are ALL pushing this line. The people who once agreed the state should intervene only in cases of force, fraud or theft are now full of talk about failed markets and regulatory necessities and the perils of unrestricted greed.
So, it isn't so much that Obama is pushing this line, but that so few voices are rising in opposition. That makes me worry that we are going to be in for many, many troubled years ahead. After all, if it were just Obama, we would have to worry only about four, maybe eight years, but when everyone agrees the state needs to have more involvement in the economy, then we are looking at a very, very long dark time ahead.