Unaccountable political cynicism ... will partisans provide consequences or continue to reward politicians based on the color of their jersey?
E.J. Dionne Jr. - Gulf oil spill offers a lesson in capitalism vs. socialism
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I'm sure BP's rational self interest will impel them to internalize all the negative externalities of this incident as though "led by an invisible hand." We, the people, will be left simply to gaze in awe at the marvelous coordination of well-structured private incentives for BP to absorb all social costs. We can relax, content in knowing that it will be just like the financial sector, where the guys who caused the wreck paid for it and cleaned up after it. That was one of the most moving examples of "personal accountability" I've ever witnessed.
ReplyDeleteThe sequelae of the union of economic and political power is always fascinating to observe. Sort of like having a deck chair on the Titanic. :-)