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164 comments on Freddie Mac/Fannie Mae bailout: Guess Who Wins
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164 comments on Freddie Mac/Fannie Mae bailout: Guess Who Wins
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| Show without comments | PDF version
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If you read past the pin factory in Adam Smith's WEALTH OF NATIONS, he ultimately says that the business class is the least qualified to run the government because they will ultimately tip all of the rules to their own profit. Sounds familiar.
Good point!
And Founding Father Thomas Jefferson believed that farmers were "the most precious part of a state," "the chosen people of God," and the only ones who could be trusted with governance, because they were self-reliant. For Jefferson, landholding and working the land kept a man honest and virtuous. The purpose of farming was not to generate excessive wealth, but to permit a decent independent lifestyle, and government’s role was to protect the freehold farmer. Through technological improvements—and not the slave labor and large farms that characterized commercial agriculture—ordinary men could “escape the tyranny of their social superiors.”[ii]