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Mike Church

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Wednesday, October 17th, 2012

David Stockman Speech-The End of Sound Money and the Triumph of Crony Capitalism

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The End of Sound Money and the Triumph of Crony Capitalism Monday, March 14, 2011 by David Stockman Mandeville, LA - The text of this speech is excerpted from The 2011 Henry Hazlitt Memorial Lecture, given on March 12 at the Austrian Scholar's Conference in Auburn, AL -The original text and audio versions are here The triumph of crony capitalism occurred on October 3rd, 2008. The event was the enactment of TARP — the single greatest economic-policy abomination since the 193….Continue

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"It may seem to many readers that as I have elaborated my initial hypothesis I have step by step deprived myself of very nearly all possible argumentative allies. But is not just this required by the hypothesis itself? For if the hypothesis is true, it will necessarily appear implausible, since one way of stating part of the hypothesis is precisely to assert that we are in a condition which almost nobody recognizes and which perhaps nobody at all can recognize fully. If my hypothesis appeared initially plausible. it would certainly be false. And at least if even to entertain this hypothesis puts me into an antagonistic stance. it is a very different antagonistic stance from that of, for example, modern radicalism. For the modern radical is as confident in the moral expression of his stances and consequently in the assertive uses of the rhetoric of morality as any conservative has ever been. Whatever else he denounces in our culture he is certain that it still possesses the moral resources which he requires in order to denounce it. Everything else may be, in his eyes, in disorder; but the language of morality is in order. just as it is. That he too may be being betrayed by the very language he uses is not a thought available to him."  - Alastair MacIntyre

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