James Dale Davidson Quotes
When you subsidize poverty and failure, you get more of both.
Davidson, James Dale, and William Rees-Mogg. The Sovereign Individual: Mastering the Transition to the Information Age. Simon & Schuster, 1997.
Before America, many political thinkers believed that popular sovereignty and liberty are incompatible concepts—that the tyranny of the majority would trample liberty of all kinds of minorities: intellectuals, the wealthy, different religion, smaller religions, original thinking, cultural independence. However, Mandelbaum’s theory is that the social safety net, makes everyone wealthy to enough an extent that most will not trample others liberties for an even greater wealth. Inequality of wealth is tolerable if all have a modicum of a standard of living, but if some or many do not even have that, other’s liberties are less important than their own survival.
James Dale Davidson is an American private investor and investment writer, co-writer of the newsletter Strategic Investment, and co-author with William Rees-Mogg of Blood in the Streets: Investment Profits in a World Gone Mad (1987), The Great Reckoning (1991), and The Sovereign Individual (1997). He also wrote The Plague of the Black Debt - How to Survive the Coming Depression in 1993 where he incorrectly predicted that as part of a "deep depression...Clinton is going to be a one-term president...I am as sure of this as I am that the sun will rise tomorrow" and that the national debt would increase by a trillion dollars during Clinton's "one-term" presidency. He further wrote in the book that Boris Yeltsin, President of the Russian Federation, would lose his job and that Russia will come under the control of a nationalist, militarist regime. He has been credited with predicting the U.S. Subprime mortgage crisis, though much earlier than it actually occurred.