June 27, 2010
A Thought for a Sunday Afternoon

We've subsidized the decision to live, work, and play along the Gulf Coast. Tariffs have kept people and capital employed in Gulf Coast seafood production rather than other occupations. We've subsidized Gulf Coast oil drilling and capped drillers' liability for certain damages at $75 million. What could possibly go wrong?

Posted by Art Carden at 04:59 PM in Misc.

The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith

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