Every so often, someone writes again how wonderful Atlas Shrugged was. This week its Stephen Moore writing in the Wall Street Journal (ht: Sykes). Moore writes that today's economic stimulus bills are what Rand predicted in her 1957 novel.
For the uninitiated, the moral of the story is simply this: Politicians invariably respond to crises -- that in most cases they themselves created -- by spawning new government programs, laws and regulations. These, in turn, generate more havoc and poverty, which inspires the politicians to create more programs . . . and the downward spiral repeats itself until the productive sectors of the economy collapse under the collective weight of taxes and other burdens imposed in the name of fairness, equality and do-goodism.
In the book, these relentless wealth redistributionists and their programs are disparaged as "the looters and their laws." Every new act of government futility and stupidity carries with it a benevolent-sounding title. These include the "Anti-Greed Act" to redistribute income (sounds like Charlie Rangel's promises soak-the-rich tax bill) and the "Equalization of Opportunity Act" to prevent people from starting more than one business (to give other people a chance). My personal favorite, the "Anti Dog-Eat-Dog Act," aims to restrict cut-throat competition between firms and thus slow the wave of business bankruptcies. Why didn't Hank Paulson think of that?
These acts and edicts sound farcical, yes, but no more so than the actual events in Washington, circa 2008. We already have been served up the $700 billion "Emergency Economic Stabilization Act" and the "Auto Industry Financing and Restructuring Act." Now that Barack Obama is in town, he will soon sign into law with great urgency the "American Recovery and Reinvestment Plan." This latest Hail Mary pass will increase the federal budget (which has already expanded by $1.5 trillion in eight years under George Bush) by an additional $1 trillion -- in roughly his first 100 days in office.
The current economic strategy is right out of "Atlas Shrugged": The more incompetent you are in business, the more handouts the politicians will bestow on you. That's the justification for the $2 trillion of subsidies doled out already to keep afloat distressed insurance companies, banks, Wall Street investment houses, and auto companies -- while standing next in line for their share of the booty are real-estate developers, the steel industry, chemical companies, airlines, ethanol producers, construction firms and even catfish farmers. With each successive bailout to "calm the markets," another trillion of national wealth is subsequently lost. Yet, as "Atlas" grimly foretold, we now treat the incompetent who wreck their companies as victims, while those resourceful business owners who manage to make a profit are portrayed as recipients of illegitimate "windfalls."
What Moore does not mention is the dystopian fantasy of a world so completely devastated by poor economic choices that a select group comes out of hiding to impose their new order, although he quotes from the passage in the novel.
Galt: "You want me to be Economic Dictator?"
Mr. Thompson: "Yes!"
"And you'll obey any order I give?"
If you detect a whiff of fascism, you're not alone. Whittaker Chambers famously wrote in his review of the book for National Review,
Something of this implication is fixed in the book's dictatorial tone, which is much its most striking feature. Out of a lifetime of reading, I can recall no other book in which a tone of overriding arrogance was so implacably sustained. Its shrillness is without reprieve. Its dogmatism is without appeal. In addition, the mind which finds this tone natural to it shares other characteristics of its type. 1) It consistently mistakes raw force for strength, and the rawer the force, the more reverent the posture of the mind before it. 2) It supposes itself to be the bringer of a final revelation. Therefore, resistance to the Message cannot be tolerated because disagreement can never be merely honest, prudent, or just humanly fallible. Dissent from revelation so final (because, the author would say, so reasonable) can only be willfully wicked. There are ways of dealing with such wickedness, and, in fact, right reason itself enjoins them. From almost any page of Atlas Shrugged, a voice can be heard, from painful necessity, commanding: "To a gas chamber — go!" The same inflexibly self-righteous stance results, too (in the total absence of any saving humor), in odd extravagances of inflection and gesture-that Dollar Sign, for example. At first, we try to tell ourselves that these are just lapses, that this mind has, somehow, mislaid the discriminating knack that most of us pray will warn us in time of the difference between what is effective and firm, and what is wildly grotesque and excessive. Soon we suspect something worse. We suspect that this mind finds, precisely in extravagance, some exalting merit; feels a surging release of power and passion precisely in smashing up the house. A tornado might feel this way, or Carrie Nation.
Moore writes that when he worked for the Cato Institute, anyone who had not read Atlas Shrugged was considered to be a virgin. Moore does not describe the exact method used to sacrifice the virgins to the goddess of materialism. As for me, far from feeling liberated after reading the novel, I felt sick to my stomach, as if I just finished looking at political pornography.