Sunday, October 16, 2011

Quote of the Day: Protests and Missing the Mark

From British MEP Daniel Hannan on the various and variously intellectually incoherent Occupy [Insert Location Here] protests:
The hard-Left protesters who marched in cities across the world today are wrong about many things, but they have got one thing absolutely right: bailing out first banks and then entire countries, is a form of class war against working people. 
The trouble is, the demonstrators are picking the wrong target. The people they should blame are not the financiers, but the politicians who obsequiously agreed to rescue them from the consequences of their malinvestments. 
Please understand, my Leftie friends, that what has taken place since 2008 is anything but capitalism. In a capitalist system, incompetent banks would have been allowed to fail, their profitable operations sold on to their competitors. Shareholders, bondholders and some depositors would have lost money, but taxpayers would not have contributed a penny.
Well, yes.  If these protesters had the least understanding of actual capitalism versus the perverse crony capitalism currently being practiced by corrupt-ocrats on both sides of the Pond and if these angry demonstrators actually had two economically-literate neurons to rub together, they'd be marching on government buildings.  But, of course, they don't.  And, so life imitates "Star Trek II": "You've managed to kill everyone else, but like a poor marksman, you keep missing the target!"  UPDATE: By the way, La Parisienne and I would like to note for the record that we always thought the massive government bailouts were stupid, but of course nobody listens to us.

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