Profits Are for People


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Having Congress on their side means business can be less attentive to the will of consumers. Congress can keep them afloat with bailouts, as it did in the cases of General Motors and Chrysler, with the justification that such companies are “too big to fail.” Nonsense! If General Motors and Chrysler had been allowed to go bankrupt, it wouldn’t have meant that their productive assets, such as assembly lines and tools, would have gone poof and disappeared into thin air. Bankruptcy would have led to a change in ownership of those assets by someone who might have managed them better. The bailout enabled them to avoid the full consequences of their blunders.

By the way, we often hear people say, with a tone of saintliness, “We’re a nonprofit organization,” as if that alone translates into decency, objectivity and selflessness. They want us to think they’re in it for the good of society and not for those “evil” profits. If we gave it just a little thought and asked what kind of organization throughout mankind’s history has accounted for his greatest grief, the answer wouldn’t be a free market, private, profit-making enterprise; it would be government, the largest nonprofit organization.

The Occupy Wall Street protesters are following the path predicted by the great philosopher-economist Frederic Bastiat, who said in “The Law” that “instead of rooting out the injustices found in society, they make these injustices general.” In other words, the protesters don’t want to end crony capitalism, with its handouts and government favoritism; they want to participate in it.

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  • rich___b

    Would the Government been able to create the ipod? Not in a million years or all the money in the US.

  • truebearing

    If you look at the underlying motivation of leftists it is based in negativity. Envy, hate, dishonesty, and revenge dominate the emotions of these people. They live in darkness and want an egalitarian darkness where everyone is forced to be equally miserable and unfulfilled. They embrace the opposite of everything that good people embrace as virtue. The left always tries to create a tyranny of the weak and dysfunctional, but especially of the envious. It is a manifestation of evil in politics.

    The left hates profit because it is proof of the success of capitalism and is only attainable with disciplined individual effort. Collectivists are generally too dysfunctional to succeed on their own, and driven by envy turned to hate, strive to impose Procrustean method on anyone who makes them feel inferior by comparison. The lying left champions diversity but practices cookie-cutterism.

  • StephenD

    Excellent article Mr. Williams. I even think OWS participants could understand it (if they could get to read it).
    Especially poignant is your point of how “unforgiving” the Free Market is. If a product is inferior to others, we won’t buy it. If someone is price gouging, we take our business elsewhere. You soon go out of business.
    With the potential for more profits companies invest in Research & Development, re-tooling and expansion.
    With minimal regulations in place to keep cartels or monopolies from forming, the Free Market System is the best in the world!