Tuesday, January 24, 2006

The Essence Of Capitalism

Left I on the News was voted the Media Blog of the Year (2005) by Press Action. I highly recommend you check-in and keep your left eye on this blog!

My friend Richard sent me a link to this short, but entertaining, entry:

I just listened to anchor Linda Stouffer on CNN Highlight News give the following story (paraphrased). "We all know the essence of capitalism - buy low, sell high. Well, so-and-so bought this old guitar ten years ago for just $30, and, after finding out it was a rare guitar, he just sold it for $47,000. He sold the guitar to pay for a knee operation for his wife." No, Linda, the "buy low, sell high" guitar part of the story wasn't the "essence of capitalism." The "selling your worldly possessions to pay for medical care" part of the story, that was the essence of capitalism.

Originally published December 14, 2005.

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