No Billionaires for Ron Paul

by Eric T. Phillips

According to Salon’s Gary Weiss, Ron Paul is “a true friend of the 1 percent,” a “fraudulent populist,” and a “friend of the oligarchy.”

But the oligarchy doesn’t think so. The Washington Post has put together the following graph showing how many billionaires donated to each candidate:

And why would they be? Ron Paul proposes fundamental changes to America’s economic system. Billionaires prefer the status quo because, well, they’re billionaires. They’ve done exceedingly well in the current corporatist economy. In the type of true free market capitalism that Ron Paul supports, they wouldn’t be able to buy influence in Washington because there would be no influence to buy. They’d get no subsidies, no loan guarantees, and no tariff protection. They wouldn’t be able to design federal regulations that hurt their smaller competitors. They would have to compete on equal terms.

If Ron Paul had his way in 2008, Wall Street would never have been bailed out. Dozens of banks would have gone out of business and thousands of upper and upper-middle class financial workers would have lost their jobs. The resources previously controlled by these firms and workers would have been reassigned by bankruptcy courts, meaning that a new generation of businessmen would have had a chance to make better use of those resources than did their predecessors. The old 1 percent would have been replaced with a new 1 percent–that’s the nature of a truly free society. No one’s position in the upper class is guaranteed; everyone has to earn their money on the free market, with no special privileges.

Gary Weiss and other ill-informed liberals miss this point because they’re wedded to the simplistic idea that big business and big government are inherently antagonistic. But, as the Washington Post‘s graph shows, the candidate who is most against big government has been completely shunned by the nation’s wealthiest corporate leaders. Just as he’s been belittled and attacked by the nation’s most influential media organizations and marginalized and undermined by its most powerful political leaders.

If you believe Weiss, members of the establishment have a strange way of rewarding their friends.

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