A Convicted Liberal Fraudster’s Hilarious Attack on Ayn Rand

businessinsider

Limousine liberals from Business Insider, Rolling Stone and other leftist online rags have been busy attacking Ayn Rand after Objectivist philosopher and Forbes contributor Dr. Harry Binswanger argued it’s time for the 99% to give back to the 1%.

Many limousine liberals and leftist pundits went berserk over Binswanger’s very interesting Forbes piece, while a number of self-claimed Objectivist (like Ms. Diana Hsieh) dishonestly, deliberately misrepresented his arguments.

Of all the renewed attacks on Ayn Rand, I find this Business Insider piece, written by a wall street guy named Henry Blodget pretty much interesting. He titled his blog “This Selfish Ayn Rand Business Philosophy is Ruining the US Economy”.

What a very strong point or argument to make!

Blodget, who was convicted of fraud, argued that Binswanger argument that  people who make $1+ million a year should be exempt from taxation is “the logical extension of an argument that many American entrepreneurs and investors make, which is that they are the country’s “job creators” and therefore deserve almost all of the country’s income and wealth.”

He said: “These “job creators,” this argument goes, should pay their employees as little as possible and keep every penny of profit for themselves. After all, they deserve it: They’re the ones who “create” the jobs that sustain the country.”

Here’s another excerpt:

Unfortunately, this argument is both startlingly selfish and economically wrong.

What actually “creates jobs” in an economy is a healthy economic ecosystem, one comprised of entrepreneurs, investors, employees, and, critically, customers.

Successful entrepreneurs do play a valuable and important role in this ecosystem: They start companies that develop products and services that people want, and they guide the companies that produce them.

Well, that came from a wall street liberal and an Obama fan who was charged with civil securities fraud by the U.S. Securities and Exchange

Henry Blodget: A convicted fraudster

Henry Blodget: A convicted fraudster

Commission. According to this source, he “agreed to a permanent ban from the securities industry and paid a $2 million fine plus a $2 million disgorgement.” That tells something about the character and mindset of Mr. Blodget. He’s a fraudster.

Here, let me simply re-post some great replies posted by Business Insider commenters.

Richard Gleaves, an Objectivist and Facebook friend, posted the following reply:

Anyone who creates more value than he consumes is a hero — employer or employee. The battle is not between employers and workers. You’re just betraying your tired Marxist class paradigm. It’s not a war between the rich and poor either. That’s another Marxist foolishness– a way of classifying people by a NON-ESSENTIALS. What’s essential is HOW people make their money — is it by production or by force? Is it by work or by political pull? Did you earn it or did you steal it?

Yes, if men earn it they should keep it — and that means employees AND employers. The men who DO NOT earn their money are the enemy. And that means anyone who gets their money by theft, extortion or political pull. BOTH rich and poor. Whether you steal it by getting a billion dollar bailout for no work or you steal it by getting some supposed entitlement funded by theiving from your neighbors.

Ayn Rand is ruining this country? It’s people like you who divide us by stupid rich-poor classifications who are destroying us — by obscuring the real issue. You provide moral cover for the thieving poor and misdirection for the thieving rich. You lump the hard working earning janitor in the same category with his thieving layabout brother — and you lump the rich thieving Bernie Madoff in with the rich productive Steve Jobs.

We owe everything we have to the hard-working. And we owe nothing but enmity to the thieves above and the thieves below — who are stripping us bare from either end of the Marxist class ladder you advocate.

A commenter named Ken Moore wrote:

Hey Henry, ever read Player Piano by Kurt Vonnegut? Nearly all consumers worked for the government either the military or the Wreaks and Wrecks. This prescient novel predicted a future where innovation got rid of nearly every job leaving only engineers, who engineered themselves out of work and managers, who managed themselves out of it.

If you really believe an “ecosystem,” ostensibly one created by the government creates job, then pray to Gaia for help because there has been squat for new business formation in the last six years. There has been squat, Henry, because business owners face a number of nearly insurmountable obstacles including more regulation, state mandated healthcare, and lower access to capital as high quality collateral has been nonexistent to shadow banks, instrument to small business formation. While this is not a new phenomenon, the government has been over 20% of GDP for a long long time, it has become worse under the existing administration. I will pray as well, not to Gaia but if that works for you thenokay, that reason can win this battle. We need smaller government and an “ecosystem” created between INDIVIDUALS who know that the market can work if everyone strives to add value as defined by the market participants.

Another commenter named Franko wrote:

Just another stupid straw man argument. Henry found one dork with a theory, and claims that he represents all business people. Anyone who runs a business knows he has to take care of their staff or they will leave. They have to appreciate them and support their families. Common knowledge for a businessperson. Henry sounds like a rookie businessman who just had a revelation, one that is obvious to every successful businessman.
 JohnBrown  posted:
Clearly Mr Blodget didn’t understand Ayn Rand, or worse he’s trying to dirty her up on purpose? Where in Atlas Shrugged does Ayn Rand advocate some selfish oligarchy of corrupt Capitalist ruling the country filling their pockets and treating their employees like serfs? NOWHERE! What Ayn Rand implicitly denounces is the corrupt alliance between the cooercive power of Government allied with corrupt selfish Capitalist and Unions that choke the economy by blocking innovation, new ideas, economic growth, and freedom in the interest of preserving their status, power, and privilege. In short exactly what Obama is doing now with the U.S. Obama is passing hundreds of billions of taxpayer dollars to the corrupt, privileged, few who helped him win election while killing true innovation and high paying jobs. Obama’s green corruption is a prime example. While he shovels tens of billions at Solyndra and failing company after failing company he blocks the Keystone XL pipleline and energy development on Federal Lands that could provide over a million high paying jobs that can’t be outsourced, lower energy costs, and give us energy security. The corrupt capitalist and unions have been paid off with the total waste of tens of billions while the true innovators, creating wealth, and very high paying jobs and stymied just like in “Atlas Shrugged”. What we have running our country and destroying our economy is crony , semi-socialist, capitalism al la Obama and his Chicago Way that is exactly what Ayn Rand’s warned about. Mr Blodget is engaged in the worst kind of propaganda exactly the way Ayn Rand wrote it in her book.
 From a commenter named JayDengVC:

Henry Blodget: I don’t think you’ve read Atlas Shrugged before. Binswanger is too extreme and he completely distorts the Libertarian message he is trying to convey. If anything, Rand’s philosophies revolve around the talented individuals. If you did read Atlas Shrugged, you would know that the crux of the story is that all the talented individuals get up and disappear, leaving the US to crumble.

Selfishness and greed is why the economic system works. You are the co-founder and CEO of this website, a business designed to profit. If you are so high and mighty, why not turn it into a non-profit business website?

What I am about to type next is not a personal attack, but I did my research on you and discovered that you were charged and fined by the SEC back in 2003 for actions that would construed as greedy/selfish ones. http://www.sec.gov/news/press/2003-56.htmThis article is completely hypocritical and you might want to look in the mirror before you accuse others of being crazy, greedy capitalist nutjobs.

From a commenter named Scott Morgan:

I read this,and see the desperate sophistry from a man that wants redistribution of wealth. I’m in film, and I hire 5-35 people per tv show or Indie movie. I write the script because I sacrificed for my education, and sacrificed 10 years apprenticing on sets, starving, no home bought, crappy car. And now when I make $100k extra, I hire all these people and make their dreams come true. Some are paid grandly. But the basic people? They deserve the COMPETITIVE RATE for their work. Not a penny more. They haven’t sacrificed like I did. And the ones working dead end jobs, they deserve to stay there. If they aren’t content with their earnings, then they save and either produce their own show, or they go to producer/director schools. I worked for $3.50 an hour on a hot stove as a line cook out of college, never once thinking I deserved more than that, because so many people wanted my job on my way to chef. And one day I opened my own restaurant. The people I hire are far, far more selfish than I am. Instead of hording my cash, I give jobs on a high risk of the show failing, to so many people. And yet, not one of them comes to me if I’m broke to hire me or help me. I don’t collect unemployment insurance from them. In restaurants, waiters and bartenders make easy bank, but complain it’s dead end — unless they join with a few others and open their own. THEN and only then do they understand the full meaning of risk, and how much more work I did than they ever imagined. Look at it in terms of a car with a broken down engine. You have four lazy men that never learned auto mechanics or saved up for the tool to get the car running. Then along comes one guy that did. They are stranded in NOWHERE without him … yet once they get to their destination, supposedly he should give them MORE of his paycheck simply because they someone got to there? He was prepared to go it on his own, but helped them all get there. Now he’s punished? Why? They bought the bad car and the Model is Their Life. They bitch when it breaks down, but waste all their money on either drinks, partying, lazy lifestyles lower work hours, and then they obligate to kids too soon. Why is that my fault? Every one of them is replaceable in their job EXCEPT ME. I make the engine run. I fuel it. So what if they go watch it on tv.? That earns them more of my profits?

The truth is, it’s corporate fraudsters and limousine liberals like Mr. Blodget who have been ruining America.

5 thoughts on “A Convicted Liberal Fraudster’s Hilarious Attack on Ayn Rand

  1. The problem with Binswanger is he thinks Goldman Sachs is an honest enterprise simply smarter than everyone else, when in reality GS is a crime syndicate continuously betting against its own clients (as standard method of operation) and buying insider knowledge and of course bribing members of Con-gress.

    GS, JP Morgan, AIG etc… would have been bankrupt had it not been for John Q Taxpayer. Ayn Rand would call GS, JPM and AIG to be parasites and that is exactly what they are. They wanted total freedom when the going was good, and maximum bailouts when their crimes caught up with them. Because these talented individuals, left to their own devices, would have bankrupted all of Wall Street.

    Start thanking the taxpayer, mr Binswanger. Wall Street has been spongeing off the taxpayer for five years running (think QE as in permanent bailouts for Wall Street). Nothing to do with them being talented individuals, everything with fraud, regulatory capture and political corruption (think Obama, who doesn’t want to prosecute his criminal friends on Wall Street).

    • If you read the comment section you’d have seen that Binswanger addressed that issue properly. Just look at the article’s comment section and read HBL’s replies to his readers. Thank you!

  2. How much shall we give the CEOs and innovators so that they will become creative again and revive the US economy?

    According to a 2010 UCSC study, the top 1% in the US own 35.4% of the total net worth, and 50.4% of the total investment assets.

    Let’s agree that CEOs and innovators deserve more wealth. Is it possible to be in agreement as to how much that will be rather than aribitrarily designate tax freedom for them? Let’s not waste time trying to figure out which of the top 1% are creative and simply give all of them a boost in hopes that added wealth will revive their creativity and jump start the economy.

    Is a 10% increase in total net worth sufficient? Probably not, because that can be achieved by a very good year in the stock market. Perhaps doubling their net worth is enough? That’s only 70.8 % of the total net worth in the US. If CEOs and innovators owned 90% of the total investment assets, certainly they would be interested in maintaining that wealth by hiring more people once their creative ideas start flowing again.

    Can anyone suggest how we may begin this transfer of wealth as soon as possible?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s