Happy Free Market Day!

One of the most annoying things about the troglodyte right is its celebration of “Tax Freedom Day” where supposedly you are no longer working for the government.  As soon as they start saying that they don’t want to benefit from Social Security, Medicare, national security, food safety, environmental protection, education etc. etc. then we can talk.

But if we are looking for holidays, today — September 15th — should really be the candidate.  It was on this day, September 15 2008, that Hank Paulson and Ben Bernanke decided not to intervene to save Lehman Brothers.  The idea was simple.  Markets are completely efficient and modern markets are completely resilient.  Firms that are having problems should go under and leave the field for more efficient competitors who will smoothly adjust like all markets do.  Gotta avoid that moral hazard.

And it worked out so well!  The market worked and there was no need for any government intervention!

So today is the day when we should all worship at the altar of the self-regulating free market.  Maybe drive an old Chevrolet Corvair, drink water from the Cuyahoga River circa 1969, perhaps pay your parents’ medical bills without any interference from those pesky feds.  Fun for all!

Author: Jonathan Zasloff

Jonathan Zasloff teaches Torts, Land Use, Environmental Law, Comparative Urban Planning Law, Legal History, and Public Policy Clinic - Land Use, the Environment and Local Government. He grew up and still lives in the San Fernando Valley, about which he remains immensely proud (to the mystification of his friends and colleagues). After graduating from Yale Law School, and while clerking for a federal appeals court judge in Boston, he decided to return to Los Angeles shortly after the January 1994 Northridge earthquake, reasoning that he would gladly risk tremors in order to avoid the average New England wind chill temperature of negative 55 degrees. Professor Zasloff has a keen interest in world politics; he holds a PhD in the history of American foreign policy from Harvard and an M.Phil. in International Relations from Cambridge University. Much of his recent work concerns the influence of lawyers and legalism in US external relations, and has published articles on these subjects in the New York University Law Review and the Yale Law Journal. More generally, his recent interests focus on the response of public institutions to social problems, and the role of ideology in framing policy responses. Professor Zasloff has long been active in state and local politics and policy. He recently co-authored an article discussing the relationship of Proposition 13 (California's landmark tax limitation initiative) and school finance reform, and served for several years as a senior policy advisor to the Speaker of California Assembly. His practice background reflects these interests: for two years, he represented welfare recipients attempting to obtain child care benefits and microbusinesses in low income areas. He then practiced for two more years at one of Los Angeles' leading public interest environmental and land use firms, challenging poorly planned development and working to expand the network of the city's urban park system. He currently serves as a member of the boards of the Santa Monica Mountains Conservancy (a state agency charged with purchasing and protecting open space), the Los Angeles Center for Law and Justice (the leading legal service firm for low-income clients in east Los Angeles), and Friends of Israel's Environment. Professor Zasloff's other major activity consists in explaining the Triangle Offense to his very patient wife, Kathy.

4 thoughts on “Happy Free Market Day!”

  1. Yes, tomorrow I’ll celebrate “freedom from saying Thank You” day. The week after that, “freedom from waiting in line”, “freedom from chewing with my mouth closed”, and “freedom from packing my trash”. God bless self-serving sanctimony!

  2. I don’t know who the personality is behind Jonathan Zaslof but I’m beginning to appreciate what is out there when I read your comments. I rarely agree with anyone over maybe at the most 65 percent of the time. You are hitting me over 90 percent of the time.

    Maybe there is some unit in some intelligence outfit that is strictly confined to profiling me and trained liars are composing a different profile that mirrors mine. They couldn’t mirror my views as well as your comment here do.

    Thank you for using your mind and explaining as clearly as you do. I may skip across 35 to 70 blogs a day. I know what I am writing. You are damned good.

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