Burgess Owens: “Capitalism is creative destruction, and all capitalists are proud of that. You destroy what is inefficient in order to…”

“Capitalism is creative destruction, and all capitalists are proud of that. You destroy what is inefficient in order to lift up what is efficient and keep the economy moving forward in a most efficient and effective way. So, capitalism involves taking great risks, it involves destruction. The people took great risk in Mexico and now are going to be destroyed, should not have us step in with socialism, force the American taxpayers to participate in a socialistic act to bail them out. We had socialism in the savings-and-loan bailout. That was enough socialism. We do not need to prop up private enterprise which has been inefficient, negligent, made the wrong judgments and moved off on the wrong assumptions, been greedy, because they were pursuing high maximum returns using Mexican cheap labor in order to get richer and richer, and they temporarily have failed. We should make them sweat it out. Maybe the Mexican economy will right itself in the next 10 or 20 years. Let them wait. Let us not apply an injection of $40 billion more into Mexico at a time when we are saying we do not have the money to invest in jobs here, when we are saying we must cut back the cost of Government drastically.”