P. J. O’Rourke, the noted libertarian commentator and author, finally actually read Adam Smith’s Wealth of Nations, and discovered that Smith hated corporations and the famous term “invisible hand” was used by him to describe unintended consequences, and not the market’s magical ability to restore balance. O’Rourke discovered that Smith thought that “businessmen never get together without cheating the public”.
This is all very interesting in light of the recent economic downturn brought about by mortgage brokers making subprime mortgage loans, and bankers creating the Structured Investment Vehicles whereby these subprime mortgages were re-sold around the world. Confused about how all that was done, you say? You can learn for yourself how this happened by watching this very illuminating video:
Surely our nation owes these Libertarians something for basing an entire political movement on some half-baked notion of what Adam Smith actually said.