The New Clarion

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The Mind of a Statist

July 27th, 2009 by Chuck · 3 Comments · Politics

I was watching CNBC tonight and they were discussing the case of a Citi trader who was due to receive a $100 million bonus.  Then they showed a Wall Street Journal headline that read: “US Pay Czar to Renegotiate Contracts He Deems Too Lucrative.”  This Citi trader’s bonus contract is presumably Exhibit One for the Pay Czar.  So the panelists, moderated by Dennis Kneale, were arguing back and forth about the merits of the case.  Finally one of the panelists asked another panelist if he understood they were speaking about a contract.  Then another panelist, Leslie Marshall, interjected this comment: “A contract is only worth the paper it’s written on.”  Now who does that sound like?  Who else viewed solemn agreements as mere “scraps of paper”?  

Here is a link to the video clip on the CNBC website. The clip is labelled Demystifying Goldman Sachs. The Citi trader discussion begins at about the 5:50 mark , and Leslie Marshall’s infamous comments come at about the 8:00 mark.

3 Comments so far ↓

  • Mike N

    This is pure hatred of the good for being the good, institutionalized.

    Atlas has been struggling under the weight for awhile. This will accelerate the shrug.

  • Myrhaf

    Who else viewed solemn agreements as mere “scraps of paper”?


  • Chuck

    Yes, Hitler. As all statists do. Contracts are a barbarous relic of capitalism, like sound money.