Capitalism versus Corporatism

Like Ron Paul, I didn't watch Obama's speech. However, I heard that Obama gushed over the government-subsidized transcontinental railroad to bolster the case for his latest corporatist spend-a-thon.

Here is a great excerpt from Thomas DiLorenzo's How Capitalism Saved America, detailing the incredible waste and fraud that occurred during construction of the transcontinental railroad. DiLorenzo contrasts this boondoggle with the Great Northern Railroad, which was built by entrepreneur James J. Hill without any government money, and was a model of efficiency, quality, customer service and good relations with surrounding property owners.

Not mentioned in this particular article is the governmental campaign of extermination waged against the Plains Indians -- men, women and children -- who resided on lands the government confiscated for its railroad. James J. Hill simply paid cash to property owners whose land his railroad crossed.

Once again, Obama takes the wrong lessons from history.