Sunday, April 26, 2009

Comment on Wall Street Journal

In case they don't publish my comment (I'll be crushed), here it is:

Comment on "A Crisis of Ethic Proportions " by John C. Bogle

Essentially, Mr. Bogle is proposing that we try harder to be more moral and in that misses the point of Adam Smith. Adam Smith's statement, "[M]anagers of other people's money [rarely] watch over it with the same anxious vigilance with which . . . [they] watch over their own" is an indictment of human nature. Smith's position is that man's essential nature is a given, not something which can be altered. It is from this base that the invisible hand is derived. Setting up structures which rely on what man ought to be compared to what he is, is like building a house upon sand.

Yea, they published it!


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