Right Wing Revisionist Capitalism

Capitalism and the free market as envisioned by Adam Smith - the father of Capitalism (OR the founder of free market economics) - understood that profit at any cost was not the answer:

Would Smith have stood with America's captains of industry in opposition to the National Labor Relations Act of 1935, which workers the right to form unions, engage in collective bargaining, and to strike? Not likely:

This evening compared to Franklin Roosevelt

June 27, 1936: “What they really complain of is that we seek to take away their power.” March 21, 2009: “... the rest of us can't afford to demonize every investor or entrepreneur who seeks to make a profit.” The Washington Post has available the full text of President Obama’s press conference this evening. Near the end of his remarks, the President said:

Bankers and executives on Wall Street need to realize that enriching themselves on the taxpayers' dime is inexcusable, that the days of outsized rewards and reckless speculation that puts us all at risk have to be over.

Why “have to be over”? Why not “are over”?

At the same time, the rest of us can't afford to demonize every investor or entrepreneur who seeks to make a profit. That drive is what has always fueled our prosperity, and it is what will ultimately get these banks lending and our economy moving once more.

From Franklin Roosevelt’s first fireside chat, “On the Bank Crisis,” Sunday, March 12, 1933

As a result we start tomorrow, Monday, with the opening of banks in the twelve Federal Reserve bank cities -- those banks which on first examination by the Treasury have already been found to be all right. This will be followed on Tuesday by the resumption of all their functions by banks already found to be sound in cities where there are recognized clearing houses. That means about 250 cities of the United States.