We shouldn’t even have a Commerce Department.
Ross, in a CNBC interview in the summer of 2010, expressed his admiration for China’s five-year plans, the ones originated by Communist revolutionary Mao Zedong. “Is that something we should do here, Wilbur?” journalist Andy Serwer asked.
“Yes,” Ross responded, before lamenting our lack of an “industrial policy.”
This is scary stuff. We should not be enamored with the “industrial policy” of The Ultimate Crony Capitalist State. Central planning is sold to the little guys but always benefits the big shots primarily.