Shortly after I finished writing my article on Goldman Sachs earlier today, I came across this article by Paul Krugman of the New York Times. It was written a few days ago and is focused on the large profits reported by Goldman Sachs earlier this week and the large payouts it is giving its employees. I don't often agree with Krugman as frequent readers can attest, but I felt he was fairly spot-on in this piece. There is a place for the big boys of finance in an economic system. But, much of their money is made by operating as a large hedge fund with the special privileges of a government-backed bank.
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David Nolan, founder of the Libertarian Party, issued an open letter to the members of the Libertarian National Committee as they prepared to kickoff their meetings this weekend in St. Louis. In it, Nolan challenged the LNC to put aside "internal bickering" and focus on their message. He calls for a return to principles and bold action. The following quote is worth consideration:
As I see it, the Libertarian Party has gone far astray from its original mission. Somewhere along the way, our commitment to being The Party of Principle was replaced by a shallow, opportunistic goal of "winning elections now" -- any election, anywhere. Principles be damned, according to the proponents of this vision. We should back off from "scary" positions, tone down our rhetoric, find out "what voters want," and tailor our message to what they want to hear.This is, in large part, why I am not a member of the Libertarian Party. There is much talk of the need for the GOP to return to a "big tent" strategy. The LP, already a pretty small tent, has prominent members calling for a smaller tent. The LP is fractured, mismanaged, and desperately in need of either leadership or dissolution.
In response to Nolan, Indiana LP Executive Director Chris Spangle offers a rebuttal on his blog. Spangle offers that if the LP is not interested in applying political science to win elections, then they may as well become a think tank and debate political theory. Well stated, Mr. Spangle. I could not agree more. Based on my own informal research to-date, the Indiana LP is perhaps the most well-organized and practical chapter of the LP in the country. This is the reason why I still may choose to join the LP.
One last point... I find it interesting that Nolan and other prominent members of the LP embrace Ron Paul so much when Paul is a committed Republican. Paul is by no means a radical libertarian in practice. He plays the game enough to get elected. He's willing to compromise staunch libertarian principle and act as a member of a statist party.
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