Atlas Shrugged – Part 4 of ?
by Tom on November 18, 2009
in Atlas Shrugged
Okay, here’s where we’re at in Atlas Shrugged. Let me lay out what’s going on to bring you up to speed:
- Dagny Taggart was running the oldest, cheapest equipment on the Rio Norte line. Why? Because she didn’t want to lose too much money when the Mexican government nationalized the line and seized all of their equipment.
- Her brother James insisted that it won’t happen.
- It did happen, the Mexican government nationalized it.
- James Taggart then took credit for it and fired a couple of other people in an effort to put “blame” elsewhere.
- Many people lost a lot of money when it got nationalized. Francisco d’Anconia lost $15 million of his own money (a lot now, even more then.)
So, what’s the parallel to today? There are a couple of interesting thoughts:
- There’s a substantial chance that one or more banks will end up getting nationalized quite soon both in the United States and elsewhere.
- Many people are in denial over the problems that the banks are facing and how bad it’s going to be and aren’t preparing for it. Many of the people in denial are in significant leadership in banks and in Washington.
- Many people are going to lose a lot of money when the inevitable happens and some of the banks end up becoming part of the national government.
History tends to repeat itself and while I know Atlas Shrugged is just a book, it creates some interesting parallels.
Stay tuned for further thoughts on Atlas Shrugged and let me know what you think….
Tom Vanderwell
I love this series.
Thanks, “John” and welcome to the blog.