Writing in The American Conservative, Stephen Cox praises Isabel Paterson, one the three women largely responsible for what we call libertarian thought, and the lady whom literary critic Edmund Wilson once derided as "the last surviving person to believe in [the] quaint old notions on which the republic was founded."
Paterson's Golden Vanity, one of the few good novels about the Depression, focuses on reputed experts' outrageous failures of foresight. Its climactic scene is a confrontation between an investor and the financier she entrusted with her money-a man who worked, with the government's assistance, to create a baffling maze of bad investments. When she hears him admit, "We could not foresee…," she has finally had enough. "Why couldn't you foresee?" she demands. "If you can't foresee, what are you paid for?" She is wrathful, and there is dignity in her wrath.
The fundamental problem, Paterson proposed, is confusion of the economy with politics. In 1932, when Hoover was still in office, she said that "our 'best minds' … have already got the political machinery dangerously entangled with the economic system, disrupting both; and they are now demanding that the government should save them from what they've done to it." As others stood for separation of church and state, Paterson stood for separation of politics and business. She wanted no new government programs to save an economy that government programs had already disrupted. Readers wrote to her, asking her to identify her own plan for the government to solve the nation's problems. She replied, "What these correspondents really demand is dope. If we don't believe in their dope, what dope can we suggest in place of it? None whatever. We do not even know a remedy for gullibility."
Hat Tip: Alan Vanneman