Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.


PURE LIBERTARIANISM….Should the U.S. government bail out the auto industry? Arnold Kling comments:

This is an example where pure libertarianism gets you quickly to the right answer. Lose the “we,” and instead ask, would I undertake this policy myself? That is, would I lend money to the auto makers? If the answer is that I wouldn’t, then the implication is that “we” shouldn’t.

The same reasoning applies to giving money to financial firms. I wouldn’t, therefore we shouldn’t.

Picture everyone in Congress who voted for TARP standing on a street corner in a Santa suit, ringing a bell, and asking for donations to pay for the rescues of AIG, Citigroup, and so forth. In a libertarian society, that is what they would have to do in order to fund the bailouts.

If that image doesn’t move you in a libertarian direction, then nothing will.

Well, then, I guess nothing will. Because this sure doesn’t do anything to persuade me.

As it happens, I’m not entirely convinced that Detroit ought to be bailed out. At the moment, I’m probably more in the “prepackaged bankruptcy” camp. Still, the whole point of government is that it does things for us collectively that we can’t (or wouldn’t) do individually. After all, if congressmen stood on corners begging for donations to the Pentagon they probably wouldn’t raise enough to fund a single F-22, but that doesn’t mean Congress shouldn’t fund the Pentagon. Ditto for roads, courts, police, Social Security, unemployment insurance, foreign embassies, and national parks. The arch-angelic among us excepted, none of us would contribute much money to these causes unless we knew that everyone else who benefited from them was contributing too.

TARP is no different. We aren’t rescuing banks because we feel sorry for bankers (though I’ll concede that sometimes I kind of wonder about that), we’re rescuing them because we think their failure would bring the economy down around our ears and we’d just as soon avoid that. A bit of collective action on this front will help keep all of us out of a repeat of the 1930s.

Now, that might be wrong. Go ahead and make the case for inaction on its merits if that’s how you feel. But a generic claim that federal intervention is a bad idea because none of us would intervene as individuals just doesn’t hold water for anyone who isn’t already a hardcore libertarian. This is the kind of argument that hurts their cause, not the kind that helps it.

LET’S TALK ABOUT OPTIMISM FOR A CHANGE

Democracy and journalism are in crisis mode—and have been for a while. So how about doing something different?

Mother Jones did. We just merged with the Center for Investigative Reporting, bringing the radio show Reveal, the documentary film team CIR Studios, and Mother Jones together as one bigger, bolder investigative journalism nonprofit.

And this is the first time we’re asking you to support the new organization we’re building. In “Less Dreading, More Doing,” we lay it all out for you: why we merged, how we’re stronger together, why we’re optimistic about the work ahead, and why we need to raise the First $500,000 in online donations by June 22.

It won’t be easy. There are many exciting new things to share with you, but spoiler: Wiggle room in our budget is not among them. We can’t afford missing these goals. We need this to be a big one. Falling flat would be utterly devastating right now.

A First $500,000 donation of $500, $50, or $5 would mean the world to us—a signal that you believe in the power of independent investigative reporting like we do. And whether you can pitch in or not, we have a free Strengthen Journalism sticker for you so you can help us spread the word and make the most of this huge moment.

payment methods

LET’S TALK ABOUT OPTIMISM FOR A CHANGE

Democracy and journalism are in crisis mode—and have been for a while. So how about doing something different?

Mother Jones did. We just merged with the Center for Investigative Reporting, bringing the radio show Reveal, the documentary film team CIR Studios, and Mother Jones together as one bigger, bolder investigative journalism nonprofit.

And this is the first time we’re asking you to support the new organization we’re building. In “Less Dreading, More Doing,” we lay it all out for you: why we merged, how we’re stronger together, why we’re optimistic about the work ahead, and why we need to raise the First $500,000 in online donations by June 22.

It won’t be easy. There are many exciting new things to share with you, but spoiler: Wiggle room in our budget is not among them. We can’t afford missing these goals. We need this to be a big one. Falling flat would be utterly devastating right now.

A First $500,000 donation of $500, $50, or $5 would mean the world to us—a signal that you believe in the power of independent investigative reporting like we do. And whether you can pitch in or not, we have a free Strengthen Journalism sticker for you so you can help us spread the word and make the most of this huge moment.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate