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In traditional Western medical ethics, a doctor’s fundamental responsibility is to practice to the best of his ability for his patient’s benefit. But lately, doctors are being taught a radical new collectivist medical ethics where the “social good” trumps the individual patient’s welfare.

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Higgs is obviously right, but WE know that. The question is, how do we get back (can we get back)? Point being, you can lead a horse to water but if the horse refuses to drink for long enough … he dies.

Higgs’ careful look at the data on the Great Depression and World War II convinced him that (1) a U.S. economy producing genuine prosperity wasn’t restored until 1946, and (2) investors hunkered down, especially from 1935-40, because New Deal regulations — along with President Franklin Roosevelt’s increasingly vocal hostility to enterprise and successful risk-takers — created too much uncertainty about how government would treat profits and wealth accumulation.

The “regime uncertainty” — described by Higgs as “a pervasive uncertainty among investors about the security of their property rights in their capital and its prospective returns” — unleashed by actual and threatened New Deal interventions made private innovation and entrepreneurial effort simply too unattractive. So private investment spending largely ground to a halt during FDR’s reign.

The “Great” was thus put into the Great Depression

Full Article

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Some pretty good comments by Penn, but round about 13:45 I think he essentially hits it out of the park.

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See Randy’s Rubbish

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I just wish the other writers at Rivertowns had the courage (and knowledge) to write such great columns…..

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“It is simply a fact that capitalism, even hampered by the state, has dragged most of the world out of the pitiful poverty that characterized all of human existence for millennia.”

I just hope that it isn’t too late.

Read Why Capitalism Is Worth Defending

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The ultimate standard of efficiency (be it energy efficiency, economic efficiency, or any other form) is the individual’s life and happiness. If anyone ever tells you that something you love is “inefficient,” and the cure is to shove something you hate down your throat, then “efficiency” has become a mere rationalization for tyranny.

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This article is a very succinct and extremely well-stated argument by Onkar Ghate. And it would surprise no one who chimes in here that it is utterly consistent with my world-view. As a disclaimer, I have met Onkar. He is a very bright fellow, polite, and very mannered.. He is precise in his language and is delicately measured in his unwavering advocacy for individual rights..

The simple answer to his rhetorical question at the end of the article is simple: Yes!

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Though the mass shootings occurred within the same state only a couple hundred miles apart and separated by five months, the outpouring of collective grief could not have been more different. Almost immediately following the first reports of the shooting in Tucson, a choir that included the Governor of Arizona, members of Congress and even the President sang hymns of grief. Four days after the shooting in January, President Obama travelled to Tucson where he led a national memorial service for the victims.

The public expressions of grief were not limited to government officials, our pastor on the Sunday morning following the shootings asked the congregation to join him in praying for the victims and the city of Tucson. I am certain it was a prayer echoed in churches throughout the country on that Sunday morning.

In the immediate aftermath of the murders in Yuma, the choir that sang so beautifully for the victims in Tucson apparently lost their voices. The deep sorrows were gone and the hall for the memorial service sat empty. At church, our pastor led the congregation in prayer that did not mention a word about the people in Yuma, Arizona. The President or Governor could not muster the time or even the money for a sympathy card.

Tragedy also hit this spring in the form of violent tornadoes that killed hundreds and property destroyed beyond recognition. Two populated areas where the death and destruction was relatively extreme happened in Tuscaloosa, Alabama and Joplin, Missouri. As we witnessed after the shootings in Tucson, President Obama acting as a taxpayer funded ambulance chaser visited the cities to observe the effects of the tornadoes firsthand. In Joplin, he told the residents that the rest of the country would not forget their city until it had been restored.

Two days after the Joplin twister, a series of tornadoes touched down in the Oklahoma City area that killed at least four people and destroyed millions in property. The President arranged to fly thousands of miles across the Atlantic Ocean, where he attended a meeting of the elites, to express his sympathies to the people of Joplin. Though he was sitting in the White House, the President could not find time in his schedule to fly a couple of hours to Oklahoma to show his or the nation’s care. I doubt even a phone call was made.

The comparisons of these stories are not trivial. Why do some deaths garner Presidential visits and more importantly taxpayer dollars for rebuilding and memorializing while under the same circumstance others do not? As I explained to my economics class, the explanation must lie in the marginal cost and benefit of grief. At what point does the next killing or the next house destroyed get the attention of government. In Yuma, if one more person had fallen dead would the choir have gathered to sing? Or if another ten, twenty, or hundred would have perished in the Oklahoma City storms would the President at least made a phone call to residents of that city.

According to the Federal Emergency Management Agency (FEMA), in order for individuals affected by a tragedy to receive taxpayer assistance the area must first be declared a disaster area by the President. The residents of Joplin qualified while others that suffered loss of life and property did not. Is not the home destroyed in Joplin just as tragic to the property owner as to the individual in Oklahoma City or other towns hit by violent storms?

The benefits of taxpayer assistance reaches beyond the individual, insurance companies that would be on the hook for billions in contractual obligations are relieved of paying certain bills. The repair of one house destroyed by violent winds is the responsibility of the homeowner and the promises of the insurance company. The same house flattened along with hundreds of others within close proximity of each other now becomes the responsibility of taxpayers though the personal loss is no greater than the stand alone home. Is It the forty-ninth house destroyed on the block or the fiftieth that determines whether insurance companies or the taxpayers cover the losses.

We saw this same concept of marginal grief or tragedy after September 11, 2001. Relatives of those that died from crashing planes and falling buildings received death benefits from the national treasury. Many, however, lost their lives that very same day in accidents, but the only benefits loved ones received came from the decedent’s life insurance policy.

The perverseness caused by government sponsored grief cannot be lost. A family crouched in the basement awaiting the arrival of a destructive storm must hope that if their house is destroyed, then many will experience the same. Or if one is facing a potentially deadly situation, then their heirs will receive greater benefit if numerous others meet the same fate at the same place and time. Only government can marginalize individual tragedy in such a manner.

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http://washingtonexaminer.com/blogs/beltway-confidential/2011/06/sky-high-stakes-atlanta-obamacare-argument#ixzz1OaCxgWsj

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Gordon Gekko "Greed Is Good" Full Speech High… by ForexTradingFortune67

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