Wednesday, October 06, 2010

Economists: Sold to the highest bidder?

This article is important to read, but the truth is that too many of these economists really believe in their "free" market fairy tales. Still, the corruption of being paid $350,000 to sit on the Board of Directors of Morgan Stanley while teaching at UC Berkeley (hi Laura Tyson!) is something to consider...

And for those who may wince at my phrase, "'free' market fairy tales," I once said some time ago on this blog, and have said for nearly 20 years: Putting the word "free" in front of another word, such as "free" market, "free" enterprise, "free" trade, "free" medical insurance, is propaganda. Like a "free" lunch, someone else always pays if someone is getting the "free" part.

So too with "free" trade and "free" enterprise, for example. Someone in America gets a ride and the other pays for the ride. And in this nation, the people getting a free ride are the top 1% and intellectual courtesans like Larry Summers, while American workers who lose their jobs to peasants in Mexico, China, India and Vietnam, and elsewhere are the ones who pay for their ride.

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