Wednesday, October 24, 2012

Greed

John Stossel

On TV, my Fox colleague Bill O'Reilly says, "The recession was brought on largely by greedy Wall Street corporations." Give me a break. Bill's smart. If he believes such things, we who care about freedom have done a poor job communicating economics. Blaming problems on "greed" is a mindless cliche. Yes, Wall Street was greedy -- but that's nothing new. Greed is a constant. Did you ever turn down a raise? We need a free market because it restrains greed. Laws against theft and fraud help, but competition does more. …..When markets are free (alas, ours is not; in America today, too often people "partner" with politicians and get rich through government), those who charge too much, or skimp on quality or service, lose money to competitors who serve people better. What could be more humane? Nothing has done more than markets to lift people out of the mud and misery of primitive life. But progressive blogger Sally Kohn argues: "We all have a little greed in us. The question is, what values do we hold alongside greed as a society ... so that we operate for the better good of everyone?" What values? My vision of the "better good" may be different from hers. I don't want government to decide for me. To Read More….

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