I support and practice many types of socialist programs including income redistribution, welfare payments, disability support, free health care, and social saftey nets. But I only practice socialism IN MY OWN FAMILY; and socialism like this only works when you know the names of the people involved. In any situation when you personally can't name everybody involved, then the market is superior to socialism.

--Walter Williams, via Mark Perry.

I was listening last week to an interview Ed Morrissey did with Matt Bai, who had written about the progressive movement's funding by billionaires. Why, they wondered, do George Soros, Pierre Omidyar and other super-rich people support creating socialism when their riches were gained in the market?

My answer: Because they have the cell phone numbers of the political leaders. They're family.

Janet adds: Reason billionaires on the left support socialism include: 1 - because they are so wealthy, they think they are smarter and better than the rest of us and therefore, should tell us what to do; 2 - it gives them control over us - they are so wealthy taxes mean nothing to them so they push socialism and its related control and taxes on the middle class, thereby, destroying the middle class. The wisdom of crowds concept results in the betterment of all mankind - this idea threatens them. 3 -some get their kicks by creating chaos and instability (which they can with this much money); people react with fear. The billionaires sit back, chuckle and take control. Frankly, this attitude is not a positive development for the planet.

Labels: economics