1. Sitting in peculiarly busy traffic in downtown Baltimore this afternoon, I read, on the news monitor wrapped around a trashily modern glass building, a headline from the Baltimore Sun that informed me that Sen. Dick Durbin (D-IL) has proposed a bill to create a new government agency “that could stop lenders from offering mortgages and other financial products deemed unsafe for consumers.”
Now, first, I’m wholly uncomfortable with adding yet another resources-sucking, power-grabbing, liberty-quashing entity to the behemoth known as the gummint. I love the ultimate sentence of the article: “Consumer protection is part of the Fed’s mandate, but Sen. Charles Schumer, D-N.Y., said the agency has been “asleep at the switch.”” So our answer is more gummint. Hmm, yep, I do agree with the libertarians here
However, the libertarian counter-argument, which, I confess, immediately flashed through my mind whilst I waited to move ahead in traffic, is equally absurd, to wit, that the market — properly unencumbered, of course — is the check on “mortgages and other financial products deemed unsafe for consumers” and a whole host of other yucky things. When corporations become as gargantuan as many of those at the center of our current economic perturbations are, they really exist beyond the controls of the market — sometimes because of the intervention of government, sometimes because they’re just “too good.” They’ve done so well that they outpace competitors to the point that no natural regulation hinders them. At this point, they fall asleep at the wheel, so to speak. Viva Distributism! Long live the small!
2. Though not a libertarian, I’m often sympathetic to many of their causes, I supported Dr. Paul quite passionately, I think that Young Americans for Liberty are doing some great work, and I wrote for the debut issue of Young American Revolution — as part of the conservative contingent of their Old Right coalition, of course. This post, regarding President Moloch’s desire to “shield” science from politics, on YAL’s Web-log, however, utterly terrifies me. Chet Butterworth writes,
Tabling the ethics of human embryo research for the moment, the only ethical way for any scientific decisions to be made is by the market. The market is unbiased and efficient. The market can determine the worthiness of the research and if it considers it worthy the market can produce it better. Through the market the only people who want stem cell research and do not care about any human embryo ethical questions pay. While people like myself do not.
One of the problems admitted by economic theory is the absence of perfect information. Sarah Palin rightly took flack for her brushing off of fruit fly research whilst on the campaign trail. (I’m not interested in debating the merits of such research here; rather, I seek merely to note that she obviously made her comment with no knowledge of why this research occurs.) If the lack of perfect knowledge is even remotely problematic in matters of everyday economic transactions, are we really willing to leave scientific research — the benefits of which often remain unknown until long into the processes — to the whims of people who lack any and all awareness of, let alone training and education in, particle physics, molecular biology, or gene therapy. (Yes, that’s my uncle in the Telegraph.) Maybe it hurts my “libertarian street cred,” but I’d rather have a living uncle than a realm of scientific research guided by the invisible hand.
The market is a good thing. But it’s also a tool of relativism. Matters of life and death seem, to me, to be beyond the very mere matters of supply and demand.
Elsewhere: Mark minces no words.
Filed under: Blogroll, Distributism, Family, Get Real, Health, Obama, Science and Technology | Tagged: cancer research, consumer protection, Dick Durbin, ESCR, free-market health care, gene therapy, libertarianism, the Fed, Young Americans for Liberty | 2 Comments »