Sunday, January 25, 2009
Pfizer and Wyeth: Mergers Against the Public Interest, Violating Free Market Theory
A news item last week was that Pfizer was planning to buy Wyeth (another large drug company). Pfizer is already part of "Big Pharma", or "Big Drug". There is abstolutely no excuse for allowing Pfizer to pourchase product on the stock exchange,m when Pfizer has failed to develop good products of its own (as its big sellers are about to go off patent protection) . This is simply allowing, if we mistakenly allow it, the cration of a private, central planning empire. This is exactly what we did with the big banks like and brokerage companies like Bank of America and Goldman Sachs. Look at the results there ("too big to fail, as private central planning combined with government central planning to get us in the mess we are now in). Then there is Exxon and Big Oil, where we (including Democrats) allowed Exxon to purchase oil on the New York Stock Exhange, rather than have to develop its own resources. Then leftist Democrats had the nerve to complain about evil "Big Oil", and the lack of a free market, when those leftist Democrats did nothing to try to stop the big mergers that created Big Oil. This blog has revealed the dirty little secret. Lefitst Democrats want huge, central planning corporate empires that become the best argument Democrats have for a huge, central planning Federal Government (even though that compounds the mistake on an even larger scale). All Obama has to do to prove me right about this is fail to even try to take action against this kind of big merger. All Obama has to do is come out against the merger, and any other huge mergers concentrating power in the hands of already big corporations, and Obama can probably stop them Further, he has the votes in Congress to strenghen antitrust laws, if he wants to do so. This--contrary to most planned Obama actions--would not be interference WITH free markets, but protection OF free market theory (which presupposes market units not big enough to control or overly influence the market). All Oama has to do to prove that leftists are intellectually dishonest, and are perfectly willing to let Wall Street run the country, is to let these big mergers continue to happen. Any bets? The other dirty little secret is that these corporate empire builders, and newlly minted Communists on Wall Street (like Larry Kudlow) and the entire crew at CNBC, and really basically all of Wall Street) have become central planners who are pretty much Democrats (or establishment, leftist Republicans, like Paulson--really Democrats at their self-interested, central planning heart). Yes, I would support Obama on this. I would support him if he came out publicly against this kind of merger. I would support him if the trashed Pfizer fro trying to cover up its failure at developing drugs by buyng product (and research) on he stock excahnge. I would support Obama if he really went after big, merging corporations, Teddy Roosevelt style, instead of merely using the existence of big corporations as an excuse for ever bigger government--as they central plan together, fascism style..