Where I Agree With George Soros

And some of Friedrich Hayek (h/t Ritholtz):

As in that earlier time, the political controversy on the role of the state in the economy is raging today. But the standards of political discourse have greatly deteriorated. The two sides used to engage in illuminating arguments; now they hardly talk. That is why I was so pleased to accept this invitation to the Cato Institute. As I see it, the two sides in the current dispute have each got hold of one half of the truth. which they proclaim to be the whole truth. It was the hard right that took the initiative by arguing that the government is the cause of all our difficulties; and the so-called left, in so far as it exists, has been forced to defend the need for regulating the private sector and providing government services. Though I am often painted as the representative of the far left — and I am certainly not free of political bias — I recognize that the other side is half right in claiming that the government is wasteful and inefficient and ought to function better. But I also continue to cling to the other half of the truth — namely that financial markets are inherently unstable and need to be regulated. Above all, I am profoundly worried that those who proclaim half truths as the whole truth, whether they are from the left or the right, are endangering our open society. Both Hayek and Popper, I believe, would share that concern. Those of us concerned with the protection of individual liberty ought to work together to restore the standards of political discourse that used to enable our democracy to function better.

Exactly.  I am perfectly happy to grant that government is often wasteful and inefficient, and that the private market is often very efficient.  But that doesn't mean that we ought to scrap government and let businesses handle the tasks government traditionally does.  How about proposing ways to make government more efficient?  And if regulations are too complex and burdensome, how about proposing some that are simpler and less troubling?  Just getting rid of all of them isn't the way to go about it.  But why should I expect any rationality from the far right?