1. Allison is an Objectivist who supports pro-capitalist policies
Allison said Trump also sought his advice as an outside-the-box thinker that includes being a devotee of author Ayn Rand and her economic philosophy of objectivism, which extols rational individualism, creativity, independent thinking and a limited role for government as a protector of peace.
[…] Allison was critical of Goldman Sachs’ role in the financial crisis, calling the investment company “crony capitalists,” in his 2013 book “The Financial Crisis and the Free Market Cure.” Mnuchin’s “history on Wall Street is not something that I am all that thrilled about,” Allison said.
3. Trump invitation comes from Pence who supports Allison’s theories on the financial crisis and also opposes TARP and eminent domain
[…] The Trump invitation came from Pence, who previously asked Allison to speak at congressional hearings about his theories on how the financial crisis occurred and his recommendations for avoiding another severe economic blow. Pence also supported Allison’s stances on TARP and eminent domain. “He thought my book was one of the best explanation of the crisis,” Allison said. “As such, he was kind enough to inform the president-elect of my qualifications to serve in his administration.”
4. Financial Choice Act is a first step that will provide an “off-ramp” to get off Dodd-Frank
Allison said he supports proposed legislation in the U.S. House, known as the Financial Choice Act, that he says would restore accountability and responsibility to the financial-services industry. The act would provide an “off-ramp from the post-Dodd-Frank supervisory regime and Basel III capital and liquidity standards for organizations that choose to maintain high levels of capital,” he said. Those financial-services companies who can’t meet those capital criteria would remain subject to Dodd-Frank regulations.
The act would require banks to remain subject to publicly disclosed regulatory stress tests but exempt those that achieve the assigned capital levels from regulatory limitations on purchases. The act also would require that “consumers be vigorously protected from fraud and deception, as well as the loss of economic liberty” and “taxpayer bailouts of financial institutions must end and no company can remain too big to fail,” he said.
5. Allison as FED Chairman?
[…] He expressed his concerns that the Federal Reserve, particularly under Chair Janet Yellen, has limited economic growth through what he considers to be burdensome regulations that may make sense to regulators but not on Main Street in terms of creating demand for loans in particular from entrepreneurs and small businesses.
When asked about his interest in serving as Fed chairman, Allison said that while he would be interested because of the opportunity to change lending policies, “I don’t know if I could get through Congress.” “It may seem old-fashioned or quaint, but I still believe in making loans by sitting across the table from the applicant and getting to know them as much as learning about their reasons for borrowing,” he said. “I believe if regulators would step back with some of the regulations, consumers tend to figure out the good and bad players in the marketplace.”
What book might people be surprised to find on your shelves?
I have virtually all the books written by Ayn Rand, several read more than once. She was the first person to have articulated so many of the things that I knew but hadn’t fully clarified.
Who is your favorite fictional hero or heroine? Your favorite antihero or villain?
The hero has to be Howard Roark from “The Fountainhead,” who has been a source of courage for me through the years. Tied for second would be Sherlock Holmes and Philip Marlowe. And Lassie deserves a mention. Antihero is Raffles, the gentleman jewel thief created by Arthur Conan Doyle’s brother-in-law, E. W. Hornung.
A great interview with one of today’s popular mystery writers.
Join us November 4 to 6 in Atlanta, GA, at the Ayn Rand Student Conference 2016 (#AynRandCon) for an in-depth exploration of the concept of free will from the perspective of Ayn Rand’s philosophy of Objectivism. Rand — the novelist, philosopher and cultural icon famous for her bestselling novels The Fountainhead and Atlas Shrugged — developed a new account of free will, one that underpins the distinctive view of good and evil and of heroism that runs through her novels.
Rejecting the false alternative of “nature vs. nurture,” Rand advanced a radical view of man, which holds that you are “a being of self-made soul,” capable of exercising fundamental control over your own thinking, actions and character. Far from viewing belief in free will as a superstition incompatible with science, Rand argued that the facts support the existence of free will and that it’s unscientific — as well as disastrous personally and culturally — to dismiss free will as illusory.
At #AynRandCon you’ll hear leading experts on Rand’s philosophy discuss the nature of free will and its implications for your life and for a range of current controversies, from inequality to free speech to U.S. foreign policy in the Middle East. You’ll hear from practitioners inspired by Rand’s message to take control of their fates and build the kind of career and life they wanted. You’ll meet other students who love Rand’s novels and are learning how to apply her ideas to their own lives. And you’ll have the chance to network with speakers, professionals and students.
Also if you are a student please note…
All students will receive a scholarship covering their travel, lodging and registration expenses.
Cummins still gets Rand wrong on a number of points, and I think she does so because she isn’t really interested in getting her right. This is a common problem when people write about those whom they regard as ideological enemies. They come at the enemy’s texts with a preconceived idea of what she thinks, why she thinks it, and how her view can be refuted; and then they look for passages that cohere with this, rather than approaching the texts with the question “What does this person think and why?” Cummins has Rand pigeon-holed as a thinker of a certain sort, who occupies a certain foolish position in a familiar debate about egoism and altruism, and she shows no interest in testing that hypothesis, or (better) in putting the hypothesis aside temporarily to see what emerges from a straightforward reading of the texts. This is a mistake we all have to work hard not to fall into when addressing authors whose views we regard as opposite to our own.
Such pieces are vehicles through which those who find Rand distasteful can commiserate with one another and preen over their own erudition, without engaging people who think differently or contributing to any productive inquiry. Sure, there’s some combing through a few of Rand’s articles to find passages to gripe about, and there may even occasionally be decent arguments about stray points, but there isn’t any real intellectual engagement—no attempt to identify and evaluate the theses, arguments, and themes that so many readers find enlightening and inspiring in Rand’s works. The frequency of such gripes, especially in the last several years, attests to the enduring place Rand has earned in American thought. It is high time that those who find her ideas uncongenial accept this fact and begin treating her accordingly.
Jonathan Hoenig over at Capitalistpig reminds us of philosopher Ayn Rand’s advice on “How to Pick a President?”:
“In view of the general confusion on this subject, it is advisable to remind prospective voters of a few basic considerations, as guidelines in deciding what one can properly expect of a political candidate, particularly of a presidential candidate.
One cannot expect, nor is it necessary, to agree with a candidate’s total philosophy — only with his political philosophy (and only in terms of essentials). It is not a Philosopher-King that we are electing, but an executive for a specific, delimited job. It is only political consistency that we can demand of him; if he advocates the right political principles for the wrong metaphysical reasons, the contradiction is his problem, not ours.
A contradiction of that kind, will, of course, hamper the effectiveness of his campaign, weaken his arguments and dilute his appeal — as any contradictions undercut any man’s efficacy. But we have to judge him as we judge any work, theory, or product of mixed premises: by his dominant trend.
A vote for any candidate does not constitute an endorsement of his entire position, not even of his entire political position, only of his basic political principles.
It is the basic — and, today, the only — issue by which a candidate must be judged: freedom vs. statism.
If a candidate evades, equivocates and hides his stand under a junk-heap of random concretes, we must add up those concretes and judge him accordingly. If his stand is mixed, we must evaluate it by asking: Will he protect freedom or destroy the last of it? Will he accelerate, delay, or stop the march towards statism?”
Oscar Isaac — who starred in the seventh Star Wars film, Star Wars: The Force Awakens (2015), as X-wing pilot Poe Dameron is a fan of Ayn Rand’s epic, best-selling novel, Atlas Shrugged (or at least the t-shirt!). STAR WARS and Atlas Shrugged have two important similarities — they are epic morality stories where good and evil are clearly defined.
The Star Wars hero joins Vince Vaughn (“The last book I read was the book I’ve been rereading most of my life— The Fountainhead.”), Rob Lowe (“Atlas Shrugged by Ayn Rand is a stupendous achievement and I just adore it.”), Brad Pitt & Angelina Jolie (“I just think [Rand] has a very interesting philosophy…You reevaluate your own life and what’s important to you.”, Michael Caine (“The book I return to is Ayn Rand’s The Fountainhead. My first daughter was named after its heroine, Dominique Francon.”), Eva Mendes (“Any potential boyfriend “has to be an Ayn Rand fan.”), Tom Selleck, Steven Spielberg and other Hollywood actors as a fan of great books.
They are not by any means Objectivists — individuals who explicitly understand and choose to live by Ayn Rand’s philosophy of reason, purpose and self-esteem — but they are fans of great literature and some aspects of her philosophy.
Ayn Rand advocated unequivocally for laissez-faire capitalism, a system in which the individual rights of everyone — rich or poor, lazy or productive — are sacrosanct and there is a complete separation of state from economics. She did not, contrary to Mr. Margolis’ inaccurate piece, believe that public policy should “tilt” in favor of any group, and she decried corporate welfare and cronyism as she did other welfare-state programs.
With the government removed from the realm of economics, any real unfairness would be eliminated as there would be no ability to grant favors to anyone (e.g., the ethanol subsidy), create market distortions that benefit some at the expense of others (e.g., solar power companies) and confiscate/redistribute the wealth of all according to whatever formula panders to the most voters.
The headline of Mr. Margolis’ piece references a “fair shot,” and I surmise that is where the real issue lies, for Mr. Margolis clearly has redefined the concept of “fair” to preclude anything but a system in which the economic class he favors gains at the expense of the ones he does not — a far cry from an actually fair system in which all individuals are able to benefit from the fruits of their own labor.
According to Professor Ben Bayer the blog’s editor:
I will work to allow the contributors to this blog—all professional philosophers or aspiring professional philosophers—to share their own scholarship on Rand and their observations about the relevance of her ideas to contemporary philosophical debates. Some of these philosophers have already contributed to the rising tide of secondary literature on Rand in the last decade; others of us aspire to contribute in the future.
In either case, we are especially eager to raise awareness among philosophers about the actual content of Rand’s ideas. All too often, both philosophical and popular sources misrepresent and caricature Rand’s views. We seek to combat these inaccuracies whenever they appear in venues of note. At the same time, this blog will not shy away from considering fair-minded criticisms of Rand’s ideas.
The name of this blog traces back to the words of Francisco d’Anconia in Ayn Rand’s novel Atlas Shrugged: “Contradictions do not exist. Whenever you think that you are facing a contradiction, check your premises.” “Check your premises” would eventually become Rand’s motto as a cultural and political critic. In the 1960s, she ran a regular column in her periodicals by the same name.
Rand’s motto expressed her conviction that our actions are motivated, ultimately, by the implicit or explicit philosophical principles she thought we all hold. In her view, whether we form these premises on our own or accept them uncritically from others, it is the task of philosophy to check the truth of these premises and integrate them into a comprehensive view of reality. Rand thought everyone needs such a comprehensive view to flourish.
I presume that all who post to this blog, whether they agree with Rand or not, will share this overall attitude toward philosophy.
Half-Off Discount for Objectivist Summer Conference 2016 Ends December 31
There are only two days left to take advantage of the huge discount ARI offering for OCON 2016. If you want to take part in the discussion on Objectivist Movement 2.0 and save money, now is the time to sign up. You’ll receive a 50 percent discount on your pass if you buy before December 31. Be sure to check out our OCON 2016 Facebook page to see the latest news from ARI and others who will be in the Greater Seattle area July 2–7, 2016.
Fears of corporate influence on higher education are nothing new. But are colleges and universities, which receive smaller and smaller shares of their budgets from public funding, and which have struggled to bounce back from the 2008 recession, more likely to accept gifts with ideological strings attached than they would have been previously?
That’s the idea behind a forthcoming paper in the Journal of Academic Ethics, called, “BB&T, Atlas Shrugged and the Ethics of Corporation Influence on College Curricula.” It says it is the first study to track a particular set of donations by the financial services holding company BB&T to colleges and universities stipulating that they teach the works of free-market capitalist Ayn Rand and address the “Moral Foundations of Capitalism.”
How awesome of BB&T under former BB&T CEO John Allison to expand the diversity of ideas available to college students.
Such actions should not be condemned but applauded.
I wish there were such a program when I went to college — sadly the bulk of what I heard in the ivory tower was left-wing, progressive, anti-corporate ideology. Sadly, I did not learn about Ayn Rand until after college. I am thankful I did.
John Allison, ran a successful bank that was basically untouched by the financial crisis and did not need a bailout (read his book The Financial Crisis and the Free Market Cure for how the government caused the financial crisis and how BB&T prevented itself from being damaged by it). Allison also credits the moral code of Ayn Rand’s philosophy Objectivism — a philosophy for living on earth — in large part, for his and BB&T’s success.
Ayn Rand is such a great writer and profound thinker. Here is a link to quotes that demonstrate the breadth, clarity and depth of Ayn Rand’s thought — in her own words — so you can judge for yourself.
Like her or not — Ayn Rand is important and influential — she is, and should be, part of the college canon. Any proper business school that does not expose their students to the works of Ayn Rand is committing education malpractice.
The real disgrace are the college professors, journals and bureaucrats – funded by the government — who blackball professors who could expose students to Ayn Rand’s ideas. (Perhaps one day Inside Higher Ed could publish something about that.)
Sounds like the regressive Left is scared of their monopoly on young minds coming to an end. It’s about time.
Related: CISC Executive Director C. Bradley Thompson speaks to the incoming class of Lyceum Scholars at Clemson University on the nature of a liberal arts education.