As we get ready to celebrate Labor Day, I wonder if our labor and property are truly protected by our Constitution. This summer Marvin Horne, a raisin farmer, challenged the U.S. government for taking away his full rights to grow, harvest, and sell all of his raisins.
By all means, we should get rid of “Too Big to Fail,” but more regulation isn’t the way to do it. Free markets do much better than government in the business of making sure no company is too big to fail—or too small to succeed.
“Blessed be the rich, for theirs is the kingdom of heaven.” That’s how the Bible would read, many argue, if it supported capitalism. But this idea comes from a subtle misunderstanding of what the free market is and how businesses really gain too much power.
New York officials are now empowered to dole out massive sums with little oversight, and the reams of red tape and extensive carve-outs ensure that a sizeable constituency in the private sector is dependent on this largesse year in and year out.