This weekend on the interview program FOX News Sunday With Chris Wallace (see http://www.foxnews.com/story/0,2933,493685,00.html for transcript), there were two men from the business world: Eric Schmidt (the chairman and CEO of Google, and a vocal supporter of Obama) and Mark Zandi (the Chief Economist and co-founder of Moody’s Economy.com). Both men said that the stimulus package is good but too small.
At the end of the interview, Zandi said, “I’ve been a professional economist for 25 years, and the economy has unraveled in an incredible way, something I could not have even imagined six to 12 months ago.”
Yet he does not question his understanding of economics.
More than 50 years ago, Ayn Rand not only imagined such an unraveling, but she wrote an 1,100-page novel about it. Perhaps businessmen and our representatives should read those 1,100 pages—Atlas Shrugged—even before they read the 1,100-page stimulus bill they supported.