The April 2009 issue of The Intellectual Activist has a very good article, called "Counter-Revolution - The Return of the Old Left" - explaining what happened to our tanked economy and why. Robert Tracinski starts out by writing that we are headed to repeating all of the mistakes of the 20th century but that hopefully it's the last time and that we will learn once and for all the moral superiority of capitalism versus the disaster of socialism. All we have to do is look at history and decide as a nation to defend freedom which above all includes freedom in the sphere of economics. The only economic system that has proven itself to be the engine of wealth creation and the only way for man to pursue his own happiness is capitalism.
The bailouts for the banks and automakers make no sense from a purely economic standpoint. Instead, one must understand their political purpose: they are a laboratory. The bailouts created a special zone of the economy in which the government has an excuse - as the provider of bailout funds-to exercise dictatorial control over private businesses. This is a laboratory for the kind of economic dictatorship the left would like to exert in every area of the economy.
In the case of the auto bailouts, we can see quite clearly the uses to which capital will be diverted under this regime. It will be used for a favorite cause of the Old Left - propping up the labor unions-and for the central cause of the New Left: environmentalism...
...The same is true of the $787 billion economic "stimulus" bill passed in Congress in February. The spending in that bill is also an attempt, not to stimulate actual economic production, but to divert more money into the agendas of the Old and New Left-a combination of welfare statism and environmentalism.
...It is now a central premise of contemporary economic theory to refuse to consider the long-term consequences of the government's actions.
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