Businessmen Are Stupid

That’s about all I can conclude from this article:

The chairman of the Business Roundtable, an association of top corporate executives that has been President Obama‘s closest ally in the business community, accused the president and Democratic lawmakers Tuesday of creating an “increasingly hostile environment for investment and job creation.”

Ivan G. Seidenberg, chief executive of Verizon Communications, said that Democrats in Washington are pursuing tax increases, policy changes and regulatory actions that together threaten to dampen economic growth and “harm our ability . . . to grow private-sector jobs in the U.S.”

“In our judgment, we have reached a point where the negative effects of these policies are simply too significant to ignore,” Seidenberg said in a lunchtime speech to the Economic Club of Washington. “By reaching into virtually every sector of economic life, government is injecting uncertainty into the marketplace and making it harder to raise capital and create new businesses.”

Well, DUH! Since when has socialism, the central direction of society and in particular the economy to consciously chosen ends, been good for business? Its essence is the substitution of political decision-making for private decision-making, and the substitution of politically chosen ends for privately chosen ends—e.g., making a profit. The Democratic Party over the past ten years has become a thoroughly socialist party. That’s not a surprise; it’s happened in plain view. The Democratic platform in the last election was virtually indistinguishable from the platform of the CPUSA during the 1990s.

The Democrats’ policies are not only bad for business; they’re bad for the rest of us. They’ve been eager to copy Europe, where slow economic growth, 8-10% unemployment, ballooning deficits, stifled innovation, and a hopeless job situation for young people have become the norm. Why do people think that’s desirable?

Any businessman who remains a Democrat is an idiot.

2 thoughts on “Businessmen Are Stupid

  1. Boy! Stuck on stupid. Very large “businessmen” just crashed the economy, mostly through fraud.

    Europe has lower unemployment than the US, higher innovation, and smaller deficits, and in Europe young people can get good jobs, unlike the US. Try visiting it some time.

    Since when has theft and fraud been good for business? Since always, if you’re in the business of theft and fraud! And sure enough, businessmen in the business of theft and fraud get angry whenever government proposes to prosecute theft and fraud (whether or not it actually follows through). That’s the Business Roundtable for you — their platform is indistinguishable from the platform of the Mafia. Fact.

  2. No, thieving businessmen didn’t crash the economy. A series of legislative acts, most notably the Community Reinvestment Act, forced banks to approve large numbers of foolish loans for houses people couldn’t afford. Some mathematical techniques that work under certain conditions were used (typically by small numbers of relatively fresh MBAs) to convince management that this was OK, and that the risks cancelled one another out. When the housing bubble popped—surprise! the risks were correlated with one another—the banks found themselves in terrible trouble.

    As it happens, I did visit Europe this fall. Throughout the past several decades, Europe has lagged far behind the US, having higher unemployment rates and a far lower standard of living. Now, Europe is growing more quickly than the US, largely because it avoided the “stimulus”/health care debacles of the Obama administration that have done so much to sow uncertainty and slow recovery here. But prospects for young people are still vastly better here than in Europe, and will be much better still once a Republican House of Representatives restores some fiscal sanity. As for innovation, the US is still better, though the regulatory policies of the Obama administration are doing their best to stifle it here.

    The Mafia has no platform. And I doubt that a free market economy, even at its worst, could come close to the level of theft and corruption of the statist, Chicago-style, reward-your-friends-and-puish-your-enemies approach of the current administration. It’s not just Obama’s evident amorality. It’s inherent in the nature of socialism. Substitute political decision-making for private decision-making, and you give people incentives and capacities to manipulate that decision-making. It all becomes “not what you know, but who you know.” I grew up with that in a union-controlled city, and I don’t want any part of it.

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