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Megan McArdle

Megan McArdle - Megan McArdle is a senior editor for The Atlantic who writes about business and economics. She has worked at three start-ups, a consulting firm, an investment bank, a disaster recovery firm at Ground Zero, and The Economist. More

Megan was born and raised on the Upper West Side of Manhattan, and yes, she does enjoy her lattes, as well as the occasional extra-dry skim-milk cappuccino. Her checkered work history includes three start-ups, four years as a technology project manager for a boutique consulting firm, a summer as an associate at an investment bank, and a year spent as sort of an executive copy girl for one of the disaster-recovery firms at Ground Zero … all before the age of 30.

While working at Ground Zero, Megan started Live From the WTC, a blog focused on economics, business, and cooking. She may or may not have been the first major economics blogger, depending on whether we are allowed to throw outlying variables such as Brad Delong out of the set. From there it was but a few steps down the slippery slope to freelance journalism. She has worked in various capacities for The Economist, where she wrote about economics and oversaw the founding of Free Exchange, the magazine's economics blog. She has also maintained her own blog, Asymmetrical Information, which moved to The Atlantic, along with its owner, in August 2007.

Megan holds a bachelor's degree in English literature from the University of Pennsylvania and an M.B.A. from the University of Chicago. After a lifetime as a New Yorker, she now resides in northwest Washington, D.C., where she is still trying to figure out what one does with an apartment larger than 400 square feet.

Save us, FDR!

By Megan McArdle
Nov 25 2008, 11:43 AM ET Comment

In case my prior post was a little too cryptic, apologies: I was referring to the argument that Roosevelt saved capitalism from a violent communist revolution with the New Deal, and that therefore free market types should bow down in gratitude to Dear Leader.  This argument is, as far as I can tell, advanced entirely by people who also believe that its programs are a moral imperative. 

There are two problems.  The first is that a program that must give people money so that they will not kill/imprison/etc the donors may be practical, but it is also immoral.  This means, it seems to me, that you can either claim that the New Deal is a sort of broad spectrum Dangeld, or that it is a moral necessity, but not both.

The second is that this is not necessarily a good argument for New Deal programs.  If the concerns are merely practical, then perhaps the New Deal was the more cost effective way to buy peace; but perhaps not.  This could just as well be an argument for rich people buying bigger and better guns than poor people.  Even rich people are, presumably, entitled to shoot back. 

I think most of the people who make this argument are, in fact, being sophistic; they aren't particularly interested in saving American capitalism, but they think that the people to whom they speak might be persuaded by this remarkably stupid and amoral argument.  I have, obviously, a mixed opinion of the New Deal.  But I find this particular "logic" an unbelievably offensive slur against my country.


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