One of the greatest benefits of following this site is the great links to other information provided by its participants. Thank you Ted for the NYT piece. I wonder if the Times also did its wonderful subsidy/jobs analysis for its favored administration's various stimulus programs?
But to answer the question, Smith would offer the Times article to underline his point. Milton Friedman, in his fantastic book "Free to Choose" and the related PBS series (both derisively dismissed as laughably simplistic by the Times), warned against the involvement of government in creating winners and losers. He identified the great danger posed by the industrialist who would naturally seek favors in the form of subsidies and anti-competitive protections from the only source who could override George's "mutual consent". Most things aren't rocket science or complexly nuanced. Indeed, simplicity can be a beautiful thing.
In effect, that is what we have not only today, but for the last 50+ years- call it state or crony capitalism. GE, GM, many of the electricity generating companies (see "Letters" in yesterday's WSJ), Al Gore's carbon trading enterprises and venture capital investments, agribusiness subsidies, the congressional lobbying scheme where departing members go to work for private concerns to lobby their former colleagues and receive six and seven figure annual compensation for their efforts, all depend on government control of business activity.
Does anyone really believe that these power-wielding folks have the interests of the "little guy" in mind? Given what the Republicans are showing with the so-called tax compromise and committee leadership positions, perhaps the better question for our future might be "can we do state capitalism better than the Chinese"?. With our Asian friends demonstrated competencies in forcing labor, manipulating markets, creating international mischief, disregarding intellectual property laws and conventions, and despoiling the environment, I wouldn't be shorting their stock.
So, whatever little help Mr. Kaiser has had from the Walmart class (and I shop there at least once a week), certainly he is deserving. I wonder if the Times tried to calculate the tax and charitable contributions he has made during his entire business career, not to say anything about the jobs he has created, or the great joy he has provided to us gca aficionados. I'll be sure to spend a few extra bucks as thanks during my planned trip this spring.