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DNC, Moore, and Laissez-Faire Capitalism

The Democratic National Convention began last night, providing a few high moments for the party faithful. But I got a few chuckles while catching up on my reading last night.

Michael Moore tells the New York Daily News: "At this point, we need to try anything---and Obama is anything. And if he doesn't do the job we can throw the bum out in four years." (Just don't forget the old maxim: the job of the new president is to make the last president look good. Granted, a President Obama would have to go a long way to achieving that goal.)

Oh, and in a very interesting NY Times magazine article on "Advanced Obamanomics," David Leonhardt calls Obama a "free-market loving, big-spending, fiscally conservative, wealth redistributionist." A study in contradiction. What else is new? The article contains this classic howler:

The government has deregulated industries, opened the economy more to market forces and, above all, cut income taxes. Much good has come of this---the end of 1970s stagflation, infrequent and relatively mild recessions, faster growth than that of the more regulated economies of Europe. Yet, laissez-faire capitalism hasn't delivered nearly what its proponents promised. It has created big budget deficits, the most pronounced income inequality since the 1920s and the current financial crisis.

Laissez-faire capitalism? Laissez-faire capitalism?

It's a fairly typical exercise by contemporary political pundits; every so often, just "free-up" the mixture of regulation and market forces in the everyday see-saw of mixed economic policies and then blame laissez-faire capitalism for the mess.

Anyway, after some truly rousing Olympics in Beijing, the real political Olympics have only begun; pass the popcorn.

Cross-posted to L&P.

Comments

Aren't budget deficits racked up by spending a lot? I am not sure how you can blame excessive government spending on the free market.

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I'm sure the pundits could find some way to do so! :) See my post, as you know, on the current financial crisis for more examples of how some are blaming a "free market," which, of course, doesn't exist.