As If We Needed More Proof

80,000 tons of rotting food are in state run warehouses in Venezuela, more proof of the awesomeness of Marxist social theory. From CNBC:

Much of the wasted food, including powdered milk and meat, was found last month in the buildup to legislative elections in September. The scandal is humiliating for Chavez, who accuses wealthy elites of fueling inflation and causing shortages of products such as meat, sugar and milk by hoarding food.
....
A string of expropriations and buyouts of companies during the last couple of years means the government now controls between 20 percent and 30 percent of the distribution of staple foods.

Hugo Chavez of course, blames elites and hoarders. Go figure. The government seizes the food industry, and seeks to buy votes by supplying its supporters with cheap food. Enterprising individuals in the government see an opportunity and start holding back the supply with the hopes of making some money. Who could have foreseen such a set of circumstances? Certainly not the Marxist stooge running Venezuela. And to think that Charlie Rangle warned George W. Bush in 2002 not to mess with the would-be dictator.

Regretting It

Headline from WSJ: Government Forces Out Wagoner at GM. Betcha he's REALLY regretting that private jet trip to DC to beg for stimulus pork. He would have been better off filing for bankruptcy, at least he might still have a job. The look on his face says it all.

Meanwhile, we have to ask, "How do Obama's early economic moves differ in any significant way from the way Hugo Chavez started his regime?"

On the bright side, I just don't see many more execs running to DC to beg for a bail out. Could be wrong, will keep you posted.