I liked the good mayor's call for "economic patriotism". Economic patriotism, lol, is a much more palatable phrase than fascism.
But that wasn't much of a debate -- the mayor was such an idiot and such a sleeze that it wasn't even fair.
I loved Schiff's point that a diversion of umpteen billion to the auto companies is a diversion of umpteen billion away from somebody and something else. We don't see who or what that somebody or something is, but somehow, somewhere the capital the government is allocating (by force) to Chrysler, GM and Ford isn't going to be invested elsewhere. Hence, the government "rescue" of the big 3 is also a destruction of something else.
This is the central lesson of "Economics in One Lesson." ...
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the persistent tendency of men to see only the immediate effects of a given policy, or its effects only on a special group, and to neglect to inquire what the long-run effects of that policy will be not only on that special group but on all groups. It is the fallacy of overlooking secondary consequences.
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