Check out this commentary by un-noted economist Drew Carey.

Labels: economics

Profits are evil, and need to be redistributed. So infers Mrs. Clinton:

The other day the oil companies reported the highest profits in the history of the world. I want to take those profits...

To which Ferris replies:

That's not democratic (large or small d), ladies and gentlemen. That's not even socialist.

That's fascist.

Preach it, brother. He then summarizes what the effect of government helping themselves to company profits:

Where do these satanic profits go? Some to the company, certainly Some to R&D, and a good chunk to the shareholders. Who are the shareholders? Some individuals, but the vast majority are mutual funds, pensions, and other retirement plans. It's money in people's college funds for their kids, their 401Ks, and the pensions of retired company employees. Take away those profits and sure you'll hurt the company, but you'll be rogering a lot of other people while you're at it.

I'd also add that it would ultimately hurt the consumer as the company isn't going to take it on the chin, they'll just pass more of it off onto the consumer in the form of higher prices.

Go read the whole thing as Ferris also delivers a brief economics lesson that puts some of the profits-are-evil histrionics into perspective.

As a bonus, there is also another nice little dose of reality over at Willisms, which always includes some nice graphics, of course.

Labels: economics, fascism, politics