Ayn Rand

Apparently Angelina Jolie is set to star as Dagny Taggart.

I think I can live with that. :)

This project has been talked about for a long time. I hope it happens and I hope they do it right as this will be a very difficult adaptation to film.

Atlas Shrugged

The Fountainhead

Atlas Shrugged, Again

I am starting to see more commentary on the amount of government intervention in the economy, and the cost of that intervention, in the news lately.

A few people are waking up to the fact that the government attempts to save us from a depression could move us into something much worse.

For me the question that no one wants to ask is, what happens if the world stops buying U.S. treasuries?

Is the United States government the only entity on earth that can borrow money forever?

For every other entity on earth that scenario winds up badly.

Stephen Moore wrote an article a while ago comparing current government actions with those described in Rand's book, which I posted here. It's worth another look along with some video from the author describing the reaction to his article.

AHAAA!

Almost fell out of my chair with that aha. My loyal readers, not you one time wannabes, will join with me in my aha.

Why aha?

I have been saying for months the response to our current economic issues from virtually all governments is straight out of the book.

What book?

Atlas Shrugged

Many thanks to ugly for finding this story.

Read the story, then read the book.

Oh yes, I almost forgot. No signals and no trades.

I'm thinking of taking up knitting, stamp collecting, needlepoint, shuffleboard, watching paint dry, anything other than watching these markets.

I Want to Move

Where do I go? Are there any capitalist countries left?

Save us John Galt.

ST. JOHN'S — — Newsprint giant AbitibiBowater Inc. [ABH-N] is warning of possible legal action against the Newfoundland and Labrador government after the province hastily passed legislation Tuesday to expropriate the company's hydroelectric assets, water and timber rights in Grand Falls-Windsor. Click on the read more icon for the full story.


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The People Have Spoken

I am happy for my American neighbors and their new President elect. It was nice to see the excitement that Obama has brought to the American people. The voter turnout sounds like it was huge, and that is a wonderful thing for a democracy. The fact that a racial barrier was absolutely destroyed is also a wonderful thing.

I asked myself who I would have voted for, my Canadian political bent is conservative, but after the last 8 years of Republican rule in the U.S. you feel as though someone needs to take a bullet for where America currently is.

Unfortunately John McCain gets that bullet.

I admire McCain for his candor and sense of right and wrong. When the crazy haired lady made some ridiculous statements about Obama in a town hall meeting McCain could have just let it pass and move on, neither condemning or condoning the statement. That may have been the right move politically, but McCain could not do that. He shut her down and complimented his rival, Mr. Obama, on what a great family man he is.

That is John McCain.

My only concern with Obama are his views on business. He seems to view business as the enemy. I assume this is only political rhetoric to get elected, but those are his words.

That leads me to question does he truly understand how an economy works, does he think that governments create wealth?

Only businesses create wealth, only businesses create jobs, and only businesses generate tax revenue.

All government attempts at creating jobs are simply a redistribution of money that the private sector has all ready created. Without the engine of private commerce there is no government as there is no money for government.

Now Mr. Obama was given the perfect storm in which to bash "big" business, a bunch of idiot investment bankers bankrupt their company's. Then the Republican government decided they were too big to fail. If that's the case then they shouldn't be allowed to exist in their current form. If they are too big to fail then they should be nationalized.

As others have stated you cannot have privatized profits and socialized losses.

As I have stated they should have gone under. Period.

You will notice that since the government started pumping in billions and taking ownership stakes in the banks the consolidation of banks has stopped. The strong are no longer eating the weak as the government has decided that all the banks, both stupid and smart, should continue to exist.

That is a mistake.

I digress.

Who would I have voted for?

Mr. Obama.

The Republicans were on guard during this mess and have to pay for it, and pay they did with the presidency, senate, and congress. So my American friends you will have Democrats running your country.

I wish them and you, all the best.

P.S.

Someone please send Mr. Obama a copy of Atlas Shrugged.

Who Do You Love

I know, let's make stocks going down illegal.

I guess owning banks is now the safest investment in the United States. The government will not let them go under, the government will not let you short them, in fact I don't think you should be able to speak badly of them.

Does this remind anyone of bureaucrats gone wild, aka, Atlas Shrugged by Ayn Rand.

Is there an election going on some where?

Vast Bailout by U.S. Proposed in Bid to Stem Financial Crisis
"The head of the Treasury and the Federal Reserve began discussions on Thursday with Congressional leaders on what could become the biggest bailout in United States history."
Edmund L. Andrews, NY Times

Win McNamee/Getty Images
The Federal Reserve, with help from the Treasury Department, led by Henry Paulson, above, is taking more risk from markets.

Click on the read more icon for the full NY Times story.


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Who Do You Love, written by Bo Diddley

Atlas Shrugged

Finally read Atlas Shrugged, by Ayn Rand while I was on holidays. You see it listed as a must read in many business and investing books so I thought I should read it.

It did not disappoint. It is one of those books that you miss when you're done.

My only criticism is that Rand is one of those authors that feels the need to use a thousand words to describe something when ten would do the job.

If you read you learn to skim.

That said it is a great book, a wonderful case for capitalism and a dire warning for government bureaucracy that attempts to control it.

It was written in 1957 but stands today as relevant as ever.

Give it a read.