Wednesday, October 24, 2012

Greed has;
(links and emphasis ours)

On TV, my Fox colleague Bill O'Reilly says, "The recession was brought on largely by greedy Wall Street corporations."

Give me a break.
Bill's smart. If he believes such things, we who care about freedom have done a poor job communicating economics.
Blaming problems on "greed" is a mindless cliche.
Yes, Wall Street was greedy -- but that's nothing new. Greed is a constant. Did you ever turn down a raise? We need a free market because it restrains greed. Laws against theft and fraud help, but competition does more. With this election approaching, and statist, eager-to-regulate candidates in ascent, we need more Americans to understand this.
The statist left says it's government's job to protect consumers and help poor people. But greed -- more precisely, the pursuit of self-interest in the free market -- would work better. The market (if not corrupted by corporate welfare and bailouts) harmonizes the interests of diverse people who don't even know each other and might not even like each other. It motivates them to work hard to serve customers.
When markets are free (alas, ours is not; in America today, too often people "partner" with politicians and get rich through government), those who charge too much, or skimp on quality or service, lose money to competitors who serve people better.
What could be more humane? Nothing has done more than markets to lift people out of the mud and misery of primitive life.
But progressive blogger Sally Kohn argues: "We all have a little greed in us. The question is, what values do we hold alongside greed as a society ... so that we operate for the better good of everyone?"
What values? My vision of the "better good" may be different from hers. I don't want government to decide for me.
"Property rights constrain self-interest," libertarian economist Donald Boudreaux pointed out. "We're all self-interested. We care more about ourselves, our family and our loved ones than we care about strangers. ... The problem with government is that it is the institution that best allows people to grab more than what they deserve."
That's what happened under communism -- and increasingly, it's happening in America. As Joseph Sobran put it: "'Need' now means wanting someone else's money. 'Greed' means wanting to keep your own. 'Compassion' is when a politician arranges the transfer.'"
This is a threat to freedom and the route to stagnation.
Kohn rightly objects to "crony capitalism facilitated by government," but goes on to highlight government's "positive side ... values of community."
Whoa! "Community" is a loaded word. Statists misuse it to criticize individualism, as though the two don't coexist, as if, without government, people don't work together. But this is nonsense. Real communities emerge organically from individuals who volunteer to come together for common purpose.
 Communities are not created by government edict, which amounts to a threat of violence against peaceful people. As classical liberals like Herbert Spencer and F.A. Hayek taught, there is no conflict between individualism and social cooperation. These are two sides of the same coin of freedom. Individualists form families, clubs, charities, churches and softball leagues, and participate in thousands of voluntary communities.
But what about the poor? Kohn said government is needed to assure equality, just as parents make sure a cake is not unfairly divided among family members.
"The reality is ... we have fixed resources."
But we don't have fixed resources! Thanks to economic liberalization, 7 billion people on earth live better than ever. Poverty decreases. That should prove we don't have fixed resources. Rather than one cake or a fixed supply of cake, greedy entrepreneurs -- like Bill Gates and Steve Jobs -- make more and bigger cakes. Everyone gets richer. The producers, however greedy, are heroes.
Inequality is a product of freedom. When people are free, some will acquire much more than others. Forty years of reporting taught me that letting the wealthy indulge their greed protects consumers and helps poor people much more than government programs do. Just keep them away from government power.
The pursuit of self-interest -- greed, if you will -- benefits everyone. We should free the market and enjoy the prosperity.

Thank You Townhall and Mr Stossel
"When markets are free (alas, ours is not; in America today, too often people "partner" with politicians and get rich through government), those who charge too much, or skimp on quality or service, lose money to competitors who serve people better."

Contrast That with:

UCSF has;
By Kristen Bole on January 18, 2012

The University of California, San Francisco (UCSF) received more research funds from the National Institutes of Health (NIH) than any other public institution in 2011 and ranked second among all institutions nationwide, according to new figures released by the NIH.
The funding helps UCSF continue to perform world-renowned health sciences research amid state budget cutbacks.
UCSF received 1,056 grants last year, totaling $532.8 million for research and training, fellowships and other awards. In 2010, UCSF also was the largest public recipient, with $475.4 million in funding.
The federal funding plays a key role in supporting UCSF’s graduate-level biomedical enterprise, including research into the genetic, molecular and cellular basis of diseases, epidemiological and clinical-research studies, and efforts to develop innovative treatments and cures. That research has led to four UCSF faculty members receiving the Nobel Prize in Physiology or Medicine, and has fueled significant advances in biomedical sciences.
“These grants are absolutely essential in supporting the work of our scientists as they tackle the most pressing questions in the health sciences,” 

Illuminati Psychiatric Bio-Science

said UCSF Chancellor Susan Desmond-Hellmann, MD, MPH. “This broad-based support of UCSF research, in the context of increasingly competitive funds, is testament to the caliber of scientific discovery in each of our schools and the graduate division.”
UCSF has ranked among the nation’s top institutions in NIH funding for more than two decades, as have each of its schools. In 2011, the UCSF School of Pharmacy received $29.1 million in NIH funding, the most of any pharmacy school for the 32nd consecutive year. The School of Medicine received $420.2 million,* while the UCSF schools of Dentistry and Nursing received $19 million and $8.3 million, respectively.
Federal funding also buoys the local and regional economy, Desmond-Hellmann said, as the scientists purchase materials and instruments and employ laboratory staff. Other economic engines include patents and scientific advances generated by NIH-funded research and related industries, such as biotechnology.
Current NIH data list the top five recipients of FY 2011 research funding as follows (not including research contracts or ARRA grants):
Public institutions:
UCSF ($532.8 million)
University of Michigan at Ann Arbor ($467.4 million)
University of Washington ($455.8 million)
University of Pittsburgh at Pittsburgh ($428.2 million)
UC San Diego ($398.0 million)
All institutions:
Johns Hopkins University ($645.3 million)
UCSF ($532.8 million)
University of Pennsylvania ($471.5 million)
University of Michigan at Ann Arbor ($467.4 million)
University of Washington ($455.8 million)
UCSF is a leading university dedicated to promoting health worldwide through advanced biomedical research, graduate-level education in the life sciences and health professions, and excellence in patient care. For more information, visit
* Excludes $54.4 million in additional NIH support for multiple research programs. 

So, it's Greed which is a Character Flaw in the Private Sector, but not in the Public Sector, ..... ?

And everybody's OK with this? Because the NIH has its own printing presses which Create all of that money NIH keeps sending to UCSF, Right?

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