Was Ayn Rand Right, 52 Years Ago?

By Stephen Moore (Wall Street Journal) | Some years ago when I worked at the libertarian Cato Institute, we used to label any new hire who had not yet read “Atlas Shrugged” a “virgin.” Being conversant in Ayn Rand’s classic novel about the economic carnage caused by big government run amok was practically a job requirement. If only “Atlas” were required reading for every member of Congress and political appointee in the Obama administration. I’m confident that we’d get out of the current financial mess a lot faster.

Many of us who know Rand’s work have noticed that with each passing week, and with each successive bailout plan and economic-stimulus scheme out of Washington, our current politicians are committing the very acts of economic lunacy that “Atlas Shrugged” parodied in 1957, when this 1,000-page novel was first published and became an instant hit.

Rand, who had come to America from Soviet Russia with striking insights into totalitarianism and the destructiveness of socialism, was already a celebrity <<<Read the Full Story>>>

Prediction: Obama’s Fate

By Fouad Ajami – The Wall Street Journal | There is something odd — and dare I say novel — in American politics about the crowds that have been greeting Barack Obama on his campaign trail. Hitherto, crowds have not been a prominent feature of American politics. We associate them with the temper of Third World societies. We think of places like Argentina and Egypt and Iran, of multitudes brought together by their zeal for a Peron or a Nasser or a Khomeini. In these kinds of societies, the crowd comes forth to affirm its faith in a redeemer: a man who would set the world right.

As the late Nobel laureate Elias Canetti observes in his great book, “Crowds and Power” (first published in 1960), the crowd is based on an illusion of equality: Its quest is for that moment when “distinctions are thrown off and all become equal. It is for the sake of this blessed moment, when no one is greater or better than another, that people become a crowd.” These crowds, in the tens of thousands, who have been turning out for the Democratic standard-bearer in St. Louis and Denver and Portland, are a measure of American distress.

On the face of it, there is nothing overwhelmingly stirring about Sen. Obama. There is a cerebral quality to him, and an air of detachment. He has eloquence, but within bounds. After nearly two years on the trail, the audience can pretty much anticipate and recite his lines. The political genius of the man is that he is a blank slate. The devotees can project onto him what they wish. The coalition that has propelled his quest — African-Americans and affluent white liberals — has no economic coherence. But for the moment, there is the illusion of a common undertakin>>>>Read the Full Article

Bailout marks Marx’s comback

by Martin Masse – National Post | Marx’s Proposal Number Five seems to be the leading motivation for those backing the Wall Street bailout

In his Communist Manifesto, published in 1848, Karl Marx proposed 10 measures to be implemented after the proletariat takes power, with the aim of centralizing all instruments of production in the hands of the state. Proposal Number Five was to bring about the “centralization of credit in the banks of the state, by means of a national bank with state capital and an exclusive monopoly.”
If he were to rise from the dead today, Marx might be delighted to discover that most economists and financial commentators, including many who claim to favour the free market, agree with him.
Indeed, analysts at the Heritage and Cato Institute, and commentators in The Wall Street Journal Read more