According to the Wall Street Journal, National Economic Council Director Larry Summers, a former Harvard professor, has argued that the administration’s interventions in the marketplace will go “with, rather than against” the free market. As many readers from Young Americans for Liberty, Campaign for Liberty, Lew Rockwell.com, Mises.org and countless other websites that defend the true free market will instantly recognize, this title deserves to headline an article in the Onion rather then the Journal.
Summer’s five point plan for the economy is even more pricelessly statist:
The government must have the authority to take over and liquidate failing nonbanking financial institutions. Regulators must be able to make certain that financial institutions have enough capital to weather crises. Regulated entities must not be able to choose their regulators, nor should regulators have to fight each other for jurisdiction. And the interests of consumers must trump the interests of regulated companies. [Emphasis added]