Monday, July 14, 2008

Orren Boyle and James Taggart Surface

Paul Blair writes an excellent refutation of the hideously irrational argument that "speculators" are to blame for higher oil prices. In this case, the argument is not being put forth by socialist university professors as you might expect but by the CEO's of a dozen airlines. This is yet more evidence of Ayn Rand's reoccuring argument that philosophically ignorant businessmen are their own worst enemy:

Today I received a message from United Airlines pushing a particularly misguided political agenda. It is one of the most disgraceful public displays of incompetence and evasion by American business in recent memory.

According to the airlines, speculators are to blame for high oil prices, and should be squelched. This ignores a number of obvious facts.

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