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Tuesday, January 13, 2009

'Atlas Shrugged': From Fiction to Fact in 52 Years

Wall Street Journal economics editorialist Stephen Moore discusses the fallout of libertarian classic Atlas Shrugged on the bailout nation we’ve become, and how the government has insisted on taking future profits from successful corporations, leaving us all worse off. Perhaps the Journal is a “family” newspaper, but in mentioning all the industries that have lined up with their hands out to Congress following the TARP and auto bridge loans, he forgets to mention the adult entertainment industry, which asked for $5 billion last week. Something tells us that even Rand would have approved of that one.

Some years ago when I worked at the libertarian Cato Institute, we used to label any new hire who had not yet read "Atlas Shrugged" a "virgin." Being conversant in Ayn Rand's classic novel about the economic carnage caused by big government run amok was practically a job requirement. If only "Atlas" were required reading for every member of Congress and political appointee in the Obama administration. I'm confident that we'd get out of the current financial mess a lot faster. 

Many of us who know Rand's work have noticed that with each passing week, and with each successive bailout plan and economic-stimulus scheme out of Washington, our current politicians are committing the very acts of economic lunacy that "Atlas Shrugged" parodied in 1957, when this 1,000-page novel was first published and became an instant hit. 

Rand, who had come to America from Soviet Russia with striking insights into totalitarianism and the destructiveness of socialism, was already a celebrity. The left, naturally, hated her. But as recently as 1991, a survey by the Library of Congress and the Book of the Month Club found that readers rated "Atlas" as the second-most influential book in their lives, behind only the Bible. 

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