I wish I had a couple of dollars for every person I’ve heard over the last few weeks who has said something along the lines of: “I’m a free-market guy, but we need the government to step up and do something.” I could buy some put options or more gold, and really profit from this un-principled wavering.
There are all kinds of variations of the phrase. One can substitute “conservative,” “small government,” “libertarian,” or “capitalist” for “free-market.” I’ve heard all of them. And the “government stepping up” part has taken a bunch of different forms, as panic induced philosophies tend to do. Nearly everyone has a brilliant scheme to defy gravity.
Often, a “but” in a sentence means you can disregard what came before it, and this is one of those instances. You’re not really a free-market conservative capitalist if you believe the government should bail-out businesses that failed. Call yourself what you want, but, at best, you’re a sunshine or fair weather free-marketer, and you resent how supply, demand, prices, and risk work. You think some person or committee should engineer a solution. There are words to describe that belief. They are “socialist,” “corporatist,” “central planner,” and even the out-dated but still very real “communist.”
Equally dispiriting are the folks who pretend to be deep, open-minded intellectuals, who ferret out ideology when they see it.
Many of these folks say ridiculous things like, “I’m a free-market guy, but this is no time for ideology. There’s a crisis and we must come together.” (Sometimes, political-speak can be pornographic.)
Others say, “Oh, you’re just being ideological,” and they mean that pejoratively.
It’s trendy to pick on those of us who have an ideology. It might even sound good, but far from demonstrating depth of character, it exposes a person without moorings. If your principles are only good in sunshine, than they’re not very good principles. Or worse, if you merely hold those principles when its convenient, you are not a trustworthy person (at least, on the issue at question).
Right is right, and principles are most needed when fear creeps in and tries to overtake rationality. It’s been said that, “Hard cases make bad law.” Crisis-thinking is rarely one’s best thinking. Principles may be refined in the fire, but they need the cooling off period that reflection provides. Principles prepare us to respond, not the other way around.
Hardball delenda est. And the bailouts must end!
Log in to comment