Zeljka Buturovic and Daniel B. Klein just published a study of the correlation between an elementary understanding of economics and people’s levels of education and political ideologies.

The 8 simple questions used as measuring sticks of “economic enlightenment” were:

1. Restrictions on housing development make housing less affordable.
• Unenlightened: Disagree
2. Mandatory licensing of professional services increases the prices of those services.
• Unenlightened: Disagree
3. Overall, the standard of living is higher today than it was 30 years ago.
• Unenlightened: Disagree
4. Rent control leads to housing shortages.
• Unenlightened: Disagree
5. A company with the largest market share is a monopoly.
• Unenlightened: Agree
6. Third-world workers working for American companies overseas are being exploited.
• Unenlightened: Agree
7. Free trade leads to unemployment.
• Unenlightened: Agree
8. Minimum wage laws raise unemployment.
• Unenlightened: Disagree

They found that education produced only a slight difference in economic enlightenment, but that political ideology produced far more significant differences.

(Although the authors note that none of the questions actually challenge conventional conservative positions, they) think that the measurement as-is captures something real. At least since the days of Frédéric Bastiat, many have said that people of the left often trail behind in incorporating basic economic insight into their aesthetics, morals, and politics. We put much stock in Hayek’s theory (Hayek 1978, 1979, 1988) that the social-democratic ethos is an atavistic reassertion of the ethos and mentality of the primordial paleolithic band, a mentality resistant to ideas of spontaneous order and disjointed knowledge. Our findings support such a claim, all the caveats notwithstanding. Several of the questions would seem to be fairly neutral with respect to partisan politics, particularly the questions on licensing, the standard of living, monopoly, and free trade. None of those questions challenge policies that are particularly leftwing or rationalized on the basis of equity. Yet even on such neutral questions the “progressives” and “liberals” do much worse than the “conservatives” and “libertarians.”

Comedian Penn Jillette neither understands nor appreciate cars generally. He especially cannot see the point of Hummers. But he is smart enough to recognize that the other fellow’s right to do things or own things we don’t see the point of is important.

Hummers are stupid and wasteful and if they go away because no one wants to buy one, that’ll be just a little sad. It’s always a little sad to lose some stupid. I love people doing stupid things that I’d never do—different stupid things than all the stupid things I do. It reminds me that although all over the world we humans have so much in common, so much love, and need, and desire, and compassion and loneliness, some of us still want to do things that the rest of us think are bug-nutty. Some of us want to drive a Hummer, some of us want to eat sheep’s heart, liver and lungs simmered in an animal’s stomach for three hours, some us want to play poker with professionals and some of us want a Broadway musical based on the music of ABBA. I love people doing things I can’t understand. It’s heartbreaking to me when people stop doing things that I can’t see any reason for them to be doing in the first place. I like people watching curling while eating pork rinds.

But if any part of the Hummer going belly-up are those government rules we’re putting in on miles per gallon, or us taking over of GM, then I’m not just sad, I’m also angry. Lack of freedom can be measured directly by lack of stupid. Freedom means freedom to be stupid. We never need freedom to do the smart thing. You don’t need any freedom to go with majority opinion. There was no freedom required to drive a Prius before the recall. We don’t need freedom to recycle, reuse and reduce. We don’t need freedom to listen to classic rock, classic classical, classic anything or Terry Gross. We exercise our freedom to its fullest when we are at our stupidest. ...

Our government declaring that we need alternative energy sources, and betting our money on who might get a smart idea, is not going to give smart people smart ideas. It’s really easy to see stupid all around us, but I don’t think we want to be too quick to stop it. We need to protect other people’s stupid to save freedom for all of us.

Yeah, Adrien Brody and Carrot Top wasted gallons of gas driving their stupid cars. I can feel smug about my Mini Cooper’s sexy 37/28/32 MPG measurements. But I don’t think we should be too quick to feel happy about the stupid Hummers going away. We’re all making bad choices all the time, and most of mine are way stupider than driving a Hummer. I love my freedom of stupid. I bumped into Adrien one time and had a great talk with him, we got along great. I know Carrot Top well enough to call him “Scott.” I know that they’re both a lot thinner than me. They’re both in a lot better shape. They eat better than me, and they can do a lot more push-ups and sit-ups. They can run farther and faster than me. So, in the near future, with us all being involved in each other’s health care, Adrien and Scott might make up for their wasted gas mileage paying for my high-blood-pressure meds. If we’re all getting together to stop the stupidity of driving a Hummer, will we have to stop the stupidity of eating Krispy Kreme doughnuts and pie? Freedom is freedom to be stupid.

They came first for the Hummers.

Then they came for the pie.

Osama is a warmist. I guess that figures.

Bad news for literature. Patrician Louis Auchincloss dies at 92 (WaPo obit), and Zen recluse J.D. Salinger passed away at 91 (London Times obit).

Bad news for scholarship. King’s College London is planning to eliminate Britain’s only chair in paleography. No money in that, you see.

Why so few conservative or libertarian academics? Two researchers propose “path dependence” as the explanation.

Five stages of democrat grief over the health care reform bill.

A Reason TV 8:43 video.

Hat tip to Glenn Reynolds (who always finds the good stuff first).

Anne C. Heller, author of the recent biography Ayn Rand and the World She Made, discusses Ayn Rand’s Hollywood years with the Wall Street Journal’s Steven Kurutz in this 3:53 video.

Ayn Rand, young and svelte, in Hollywood

Ilya Somin, at Volokh, having just finished Jennifer Burns’s excellent new biography of Ayn Rand, makes a point of recommending it, and offers his own view of Rand.

Ayn Rand was the greatest popularizer of libertarian ideas of the last 100 years. Many more people have read Rand’s books than have read all the works of Friedman, Hayek, Mises, Nozick, and all the other modern libertarian thinkers combined. In becoming a libertarian without any influence from Rand, I was actually unusual. Over the last 15 years, I have met a large number of libertarian intellectuals and activists of the last two generations, including some of the most famous. More often than not, reading Rand influenced their conversion to libertarianism, even though very few fully endorse her theories or consider themselves Objectivists. Burns quotes Milton Friedman’s perceptive assessment of Rand as “an utterly intolerant and dogmatic person who did a great deal of good.” I think he was probably right.

Rand turns Marxism on its head. While Marxists argue that “capitalists” make their profits on the backs of the working class, Rand illustrates that the working class, as such, makes almost no contribution to wealth, but relies on the efforts, risks, sacrifices, and most of all the genius of the entrepreneurial class. Consider, as a thought experiment, what living standards would be like if every person in the world had an IQ around the median of 103, and otherwise had average talents and ambition. Does anyone seriously doubt that “workers,” and everyone else, would be a lot poorer than they are today, and indeed would likely be living as poorly as our hunting and gathering ancestors?

In New Republic, Jonathan Chait, uses the purported review space for two new biographies of Ayn Rand—Jennifer Burns’s Goddess of the Market: Ayn Rand and the American Right and Anne C. Heller’s Ayn Rand and the World She Made (to be released October 27)—to deliver instead an attack on Rand and her philosophy of which Ellsworth Toohey would be proud.

Admirers of Rand will enjoy reading this relatively sophisticated analysis of her influence, and will probably also perversely enjoy (in the mode of intellectual pathologist) the ingenious and sophistical rhetorical ploys Chait uses to defend his own leftism.

We’re really squabbling over nothing, Chait explains in a particularly artful pair of paragraphs. Accept Chait’s numbers (if you do, come see me about a bridge I’m selling), and it all becomes clear: the difference between conservative and liberal tax policies amounts to a tiny, scarcely significant, percentage.

Most of the right-wing commentary purporting to prove that the rich bear the overwhelming burden of government relies upon the simple trick of citing only the income tax, which is progressive, while ignoring more regressive levies. A brief overview of the facts lends some perspective to the fears of a new Red Terror. Our government divides its functions between the federal, state, and local levels. State and local governments tend to raise revenue in ways that tax the poor at higher rates than the rich. (It is difficult for a state or a locality to maintain higher rates on the rich, who can easily move to another town or state that offers lower rates.) The federal government raises some of its revenue from progressive sources, such as the income tax, but also healthy chunks from regressive levies, such as the payroll tax.

The sum total of these taxes levies a slightly higher rate on the rich. The bottom 99 percent of taxpayers pay 29.4 percent of their income in local, state, and federal taxes. The top 1 percent pay an average total tax rate of 30.9 percent—slightly higher, but hardly the sort of punishment that ought to prompt thoughts of withdrawing from society to create a secret realm of capitalistic übermenschen. These numbers tend to bounce back and forth, depending upon which party controls the government at any given time. If Obama succeeds in enacting his tax policies, the tax burden on the rich will bump up slightly, just as it bumped down under George W. Bush.

Excellent reading for train rides through Rocky Mountain tunnels.

Glenn Reynolds reports that, for some strange reason, sales of books like Ayn Rand’s Atlas Shrugged and Friedrich Hayek’s Road to Serfdom are soaring.

The amused cynic contends:

(W)hat is happening is that through the “economic emergency,” Obama is trying to implement Rand’s fictitious “Directive 10-289,” which is what the the combination of “stimulus package,” unsupervised TARP bailouts, “Cap and Trade,” and “Health Care Reform” equal when they are rammed down your throats without discussion (or even the reading of the details) by your supposed “representatives” in the national government.

He quotes none other than Michelle Obama herself, telling an audience at UCLA last year:

Barack, as Oprah said, is one of the most brilliant men you will meet in our lifetime.

Barack is more than ready. He’ll be ready today, he’ll be ready on day one, he’ll be ready in a year from now, five years from now – he is ready.

That is not the question. The question is: What are we ready for?

Wait, wait, wait – because we say we’re ready for change, we say we’re ready for change, butcha see, change is HARD.

Change will always be hard, and it doesn’t happen from the top down.

We do not get universal health care, we don’t get better schools because somebody else is in the White House. We get change because folks from the grass roots up decide they are sick and tired of other people telling them how their lives will be – when they decide to roll up their sleeves and work.

And Barack Obama will require you to work.

He is going to demand that you shed your cynicism, that you put down your division, that you come out of your isolation, that you move out of your comfort zones, that you push yourselves to be better, and that you engage.

Barack will never allow you to go back to your lives as usual – uninvolved, uninformed…

Who knows? Like the Khmer Rouge, he may decide to march urban populations out of energy consuming cities for resettlement at collective farm settlements in the countryside, too.

When Amy Wallace interviewed the late Farrah Fawcett by email a few months ago for an article about the history of efforts to produce a film version of Atlas Shrugged, she discovered that the blonde actress had had a special relationship with Ayn Rand and had been Ayn Rand’s choice to play Dagny Taggart (!).

How did you first learn of Ayn Rand’s interest in you? I gather she got in touch in the late ‘70s, when Charlie’s Angels was one of the biggest hit shows ever to appear on TV?

Ayn contacted me with a personal letter (and a copy of Atlas Shrugged) through my agents. Even though we had never met (and never did), she seemed to think we must have a lot in common since we were both born on the same day: February 2nd.

Why did Rand say she was so determined to see you in the role of Dagny Taggart, the female heroine in Atlas Shrugged?

I don’t remember if Ayn’s letter specifically mentioned Charlie’s Angels, but I do remember it saying that she was a fan of my work. A few months later, when we finally spoke on the phone (actually she did most of the speaking and I did most of the listening), she said she never missed an episode of the show. I remember being surprised and flattered by that. I mean, here was this literary genius praising Angels. After all, the show was never popular with critics who dismissed it as “Jiggle TV.” But Ayn saw something that the critics didn’t, something that I didn’t see either (at least not until many years later): She described the show as a “triumph of concept and casting.” Ayn said that while Angels was uniquely American, it was also the exception to American television in that it was the only show to capture true “romanticism”—it intentionally depicted the world not as it was, but as it should be. Aaron Spelling was probably the only other person to see Angels that way, although he referred to it as “comfort television.”

Did Ayn have any favorite episodes of the show?

I have to admit that I don’t think Ayn was a big fan of the stories themselves because she kept saying that someday somebody would offer me a script (and a role) that would give me the chance to “triumph as an actress.” Ayn wanted that script to be Atlas Shrugged and that role to be her heroine, Dagny Taggart. But because of the challenges in adapting and producing the novel for television, several years went by and the script and role that Ayn hoped I would someday be offered turned out to be The Burning Bed and the role of Francine Hughes instead. And so, in an unexpected way, Ayn’s hope or expectation for me did come true. Looking back, she seemed to see something in me that I had not yet seen in myself.

Had you read Atlas Shrugged or any of her other famous books? What was your familiarity with the Rand world view?

At the time that Ayn contacted me about Atlas Shrugged, my only real familiarity with her work was the movie version of her previous novel, The Fountainhead, with Gary Cooper. I remember liking the movie because it was unique in that the characters seemed to be the embodiments of ideas as opposed to real flesh and blood people with interests and lives. Now that I think about it, I think that’s why Ayn was drawn to Charlie’s Angels. Because the characters that Kate, Jaclyn and I played weren’t really characters (the audience never saw us outside of work) as much as personifications of the idea that three sexy women could do all the things that Kojak and Columbo did. Our characters existed only to serve the idea of the show (even “Charlie” was just a faceless voice on a speaker phone).

But I also responded to The Fountainhead because, as an artist (a painter and sculptress) myself, I related to the architect’s resistance to make his work like everyone else’s—which was, of course, what Ayn’s own art was all about. And that resistance to conformity is probably one of the reasons that she was so determined to see me play Dagny: At the time I would have been the completely unexpected choice.

It sounds as if you and Rand got along pretty well.

Later, when I read Atlas Shrugged, I was reminded of my first and only conversation with Ayn and how some of the characters in her novel(s) take an immediate liking to each other, almost as if they had always known each other—at least in spirit. And this was the feeling I got from Ayn herself, from the way she spoke to me. I’ll always think of “Dagny Taggart” as the best role I was supposed to play but never did…

“Mr. Rearden,” said Francisco, his voice solemnly calm, “if you saw Atlas, the giant who holds the world on his shoulders, if you saw that he stood, blood running down his chest, his knees buckling, his arms trembling, but still trying to hold the world aloft with the last of his strength, and the greater the effort the heavier the world bore down upon his shoulders — what would you tell him to do?”

Bruce Webster decides to re-read Atlas Shrugged and finds that Ayn Rand’s dystopian predictions are starting to read like the morning paper.

For a work written half a century ago, Atlas Shrugged remains surprisingly timely. In an eerie echo of today, many (if not most) critical economic and political decisions are made not by the President or Congress, but by a host of civilian advisors who spend as much time jockeying amongst themselves for position and influence as they do trying to solve the country’s problems. In the novel itself, the focus on trains, mining, steel, and manufacturing, especially within the United States, all seem very quaint and archaic in our digital/silicon/networked/globalized civilization, but every few pages, Rand will have a passage that is not only relevant but often prescient.

For example, consider this passage regarding one major (unsympathetic) character who ends up as a powerful government bureaucrat:

“My purpose,” said Orren Boyle, “is the preservation of a free economy. It’s generally conceded that free economy is now on trial. Unless it proves its social value and assumes its social responsibilities, the people won’t stand for it. If it doesn’t develop a public spirit, it’s done for, make no mistake about that. Orren Boyle has appeared from nowhere, five years ago, and had since made the cover of every national news magazine. He had started with a hundred thousand dollars of his own and a two-hundred-million-dollar loan from the government. Now he headed an enormous concern which had swallowed many other companies. This proved, he liked to say, that individual ability still had a chance to succeed in the world. “The only justification of private property,” said Orren Boyle, “is public service.” (p. 45)

Recent political developments have made Ayn Rand’s masterpiece timely and topical and Hollywood.com reports that financing may be in the works to begin production of the film version.

Charleze Theron seems to have replaced Angelina Jolie as the front runner to play Dagny Taggart.

Ryan Kavanaugh is said to be circling the eternally stuck-in-development-hell big-screen adaptation of Ayn Rand’s self-styled ‘magnum opus,’ Atlas Shrugged.

Kavanaugh’s Relativity Media, according to the Risky Biz blog, could come aboard to finance the Baldwin Entertainment project with Lionsgate.

While Angelina Jolie was the most recent name attached to play protagonist Dagny Taggart, the blog says that other stars now interested include Charlize Theron, Julia Roberts and Anne Hathaway.

Given the book’s themes of individualism that resonate in the era of Obama, government bailouts and stimulus packages, this could be the perfect time to finally get the book to the screen.

“This couldn’t be more timely,” Karen Baldwin, who along with husband Howard is producing, told BIZ. “It’s uncanny what Rand was able to predict—about the only things she didn’t anticipate are cell phones and the Internet.”

With the recession, the book has experienced a resurgence. As of today, it is listed as top seller on Amazon in the Literature & Fiction Literary and Classics categories.

The story first appeared at Hollywood Reporter’s Risky Biz blog.

Carol Baum, at Bloomberg, reads today’s news and finds herself living in a Rand novel.

Somewhere John Galt is smiling.

The hero of Ayn Rand’s “Atlas Shrugged” is smiling because he’s seen it all before: the government’s intervention in the private sector; the constraints placed on business in the name of the people; the desperation on the part of government bureaucrats when they realize their leverage is limited; and—this part is still fiction—the decision on the part of business leaders to walk away from the enterprises they built.

That’s all I could think about when I read that American International Group Inc., recipient of $173 billion in taxpayer funds, was paying out $165 million in bonuses to employees of its financial-products group, the poster boy for risk and greed.

The Obama administration, Congress and the public are outraged taxpayer dollars are going to enrich the folks who got us into this mess. So am I.

Members of Congress want to blame Edward Liddy, the former chief executive officer of Allstate Corp., who was recruited by former Treasury Secretary Hank Paulson in September to steer AIG away from the shoals.

Liddy is paid $1 a year for his efforts. “My only stake is my reputation,” Liddy said in a March 16 open letter to Treasury Secretary Timothy Geithner.

His only crime, as far as I can tell, is inheriting compensation contracts providing for retention bonuses for certain AIG derivative traders, some of whom have left the company, and listening to lawyers on his options. ...

I’m not alone in noting the parallels in the government’s evolving response to the financial crisis. For a year I’ve been waiting for Paulson or Geithner to announce “the John Galt Plan to save the economy,” which is right out of Rand’s novel.

It wasn’t until the AIG bonus brouhaha broke last weekend and I watched government officials flailing to contain the fallout that I realized the government is losing its leverage. Or maybe it never had any leverage to begin with.

Let me explain. The government has been propping up teetering financial institutions, including AIG, Citigroup and Bank of America, creating the illusion that the banks need the government.

The government doesn’t care about these institutions. It cares about the stability of the financial system: the totality, not the parts.

Congress can refuse to allocate more money to institutions in which it already owns a share (80 percent in the case of AIG). It can levy a tax on the AIG bonus payments or withhold them from the next $30 billion cash infusion, although who would notice? And it can install new management.

Why hasn’t the government put in its own people already? Maybe no one wants the job.

The government needs Liddy and Citigroup’s Vikram Pandit and Bank of America’s Ken Lewis to continue working to restore their firms to prosperity in the same way the looters in Rand’s novel need Hank Reardon and Francisco d’Anconia and Dagny Taggart, respectively, to run their steel mills, copper mines and railroad.

From their perches as chairmen of the House Financial Services Committee and Senate Banking Committee, respectively, Democrats Barney Frank and Chris Dodd fulminate about the lack of regulation and about inflated CEO compensation. For Dodd, it’s a good opportunity to deflect attention from his sweetheart mortgages from former Countrywide CEO Angelo Mozilo and his questionable real estate deal in Ireland.

All that’s left for life to imitate art completely is for these CEOs to quit. Let Barney Frank and Chris Dodd run AIG. Let’s see how they fare.

The government needs these companies to survive—and buy back the government’s ownership stake—more than they need the government. Most of these CEOs are already wealthy. They don’t need a job working for the government, which is what running a bank amounts to today.

What’s in it for them? One dollar of compensation? Their reputations? The house on the lake looks more appealing by the day.

Is anyone surprised sales of “Atlas Shrugged” have spiked in recent months as reality comes to resemble Rand’s fiction?

Everett Raymond Kinstler, Ayn Rand

Edward Cline observes that the left’s dishonest and temporary triumph is being marred by a stubborn dissent on the part of ordinary Americans armed with very different ideas, ideas having a great deal to do with a very thick novel published just over half a century ago.

The world seems to be emerging from a moral and intellectual coma, perhaps temporarily, perhaps permanently. It is discovering that other ideas have other consequences, as well, ideas that promote life, promote prosperity, promote ambition and personal success, and that they are possible only in political freedom, and that this freedom has been violated, abridged, and nullified by the first set of ideas. True, politics is the last thing to be affected by a philosophical revolution. But one cannot help but be pleased with how startled the collectivists and altruists are now by the knowledge that they have not successfully pulled a fast one on Americans. These Americans have come knocking on the doors of elitists or leaning over the café railings or invading their legislated smoke-free bars and restaurants to ask: What in hell do you think you are doing?

The Americans who recently protested the spendthrift policies of the Obama administration and Congress with “tea parties,” and who plan to protest them on an even larger scale in the near future, one can wager are not regular readers of The New York Times. They cannot have much in common with its columnists and editors, nor with the news media.

So the collectivist and altruist elite become very touchy when the people for whom they are “doing good” for their own sake, even to the point of enacting coercive and felonious legislation, exhibit signs of intelligence, resistance and anger. How dare these yokels!

And nothing raises their hackles higher than any mention of Ayn Rand.

Libertarian Randall Hoven, at American Thinker, sticks up for the social conservative trads.

I agree with him. The threat to liberty these days is not coming from bible thumpers. It’s coming from bien pensant liberals.

Social conservatism is taking a beating lately. Not only did it lose in the recent elections, it is being blamed for the Republican losses. If only the religious right would get off the Republican party’s back, the GOP could win like it is supposed to again. I beg to differ.

I’m anything but a social conservative. In nine presidential elections, I voted Libertarian in six. I am a hard core “limited government” conservative/libertarian; I want government out of my pocket-book and out of my bedroom. Concerning my religion, it’s none of your business, but I’m somewhere in the lapsed-Catholic-deist-agnostic-atheist spectrum; let’s just call it agnostic.

Having said all that, I have no problem with “social conservatives” or the “religious right” and their supposed influence on the Republican party. I base this not on the Bible or historical authority, but on the love of liberty and the evidence of my own eyes.

Who are the true liberty killers?

The most obvious point to me is that it is the do-gooding liberals who are telling us all what we can and can’t do. The religious right usually just wants to be left alone, either to home school, pray in public or not get their children vaccinated with who-knows-what. Inasmuch as the “religious right” wants some things outlawed, they have failed miserably for at least the last 50 years. Abortion, sodomy, and pornography are now all Constitutional rights. However, praying in public school is outlawed, based on that same Constitution.

Just think for a moment about the things you are actually forced to do or are prevented from doing. Seat belts. Motorcycle helmets. Bicycle helmets. Smoking. Gun purchase and ownership restrictions. Mandatory vaccines for your children. Car emissions inspections. Campaign ad and contribution restrictions. Saying a prayer at a public school graduation or football game. Trash separation and recycling. Keeping the money you earned. Gas tax. Telephone tax. Income tax. FICA withholding. Fill in this form. Provide ID.

For the most part, the list just cited is post-1960. Neither Pat Robertson nor James Dobson ever forced any of that on us.

Linn and Ari Armstrong, at the Grand Junction Free Press, issue a rejoinder to Alan Greenspan, John McCain, and Barack Obama on behalf of Ayn Rand and the Free Market.

Ayn Rand recognized a common pattern in the growth of political power: The enemies of liberty blame the free market for economic problems caused by government interference, then use those problems as a pretext for yet more political controls. Much of Rand’s prescient novel “Atlas Shrugged” revolves around that cycle.

Now Rand’s critics sound exactly like the villains of Atlas. They wouldn’t attack her if they didn’t recognize her as a barrier to their grand central plans.

Recently Alan Greenspan fueled the Rand hunt. In an Oct. 23 statement to a Congressional committee, Greenspan said he had “found a flaw” in his ideology of “free, competitive markets.”

There’s just one problem with Greenspan’s statement: He practiced no such ideology. For two decades, Greenspan served as chairman of the Federal Reserve, a central planning agency tasked with manipulating the money supply. Greenspan’s flaw is that he long ago abandoned the ideology of liberty.

Two decades before becoming a central planner, Greenspan, while still in association with Rand, warned of the dangers of the Federal Reserve. In a 1966 article, Greenspan noted that, in the late 20s, the “Federal Reserves pumped excessive reserves into American banks.” This “spilled over into the stock market — triggering a fantastic speculative boom.” Sound familiar? Greenspan became the monster he once warned against.

Today’s crisis centers around risky home loans. But were these loans made on a free market? No. Instead, they were encouraged, and in some cases mandated, by the federal government.

Both major candidates for president followed that stock line. While John McCain also blamed unspecified “corruption in Washington,” he emphasized the “greed and mismanagement of Wall Street.”

Barack Obama blamed greed and deregulation, despite the fact that nobody can point to the repeal of a regulation that could have caused the crisis. By contrast, the mechanisms by which government controls caused the crisis are clear.