Paco has an interesting post today titled The Rich are Different (and Not Necessarily in a Good Way) which tells of Warren Buffett’s support of the current administration. Well of course he does. In socialist societies power and wealth isn’t spread around. It is concentrated in the government and those, like Buffett, who ride around in the government’s back pocket.
Under Socialism there is no competition. The Buffetts of the world suck up to the government and in return, are allowed to monopolize commerce. Whether it is Russia , Venezuela, Cuba or the host of other countries our government is currently modeling themselves after, the first rule is the same:
Once you have their money ... never give it back.
Our government is currently engaged in the Ferengi Rules of Acquisition. Several banks have told the government that they want to give their TARP funds back. In turn, the Treasury told them “take a hike.” The government and the UAW will own 89% of GM while the stockholders and creditors are being told, “stuff happens.” So what is next? Our healthcare industry through nationalized healthcare and our energy sector through Cap and Trade. Is it that hard to imagine that soon we will be buying our groceries from the government store?
Sadly, too many people are falling for the government’s “we’re here to help you” line. I would refer them to the Eighth Rule of Acquisition:
Small print leads to large risk.
h/t Paco Enterprises