Monday, January 14, 2002

"Companies Come and Go"-Good thinking from Treasury Sec. O'Neil yesterday on Enron day on the Sunday newsies. The last two paragraphs in the article give him a six month free pass from me; before this he seemed to be the lamest cabinet member. He nailed the essence of free markets that businesses need to be allowed to fail. Functioning Capitalism is "creative destruction" per Shumpeter; Enron was just a very spectacular cratering. Would someone hit Lieberman with a clue stick, please. "Cold-hearted... 18th Century [economics]." Too much of Gore rubbed off, and/or he's developing his populist streak for a '04 presidential run.

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