Saturday’s Wall Street Journal has a fine Weekend Interview profile of venture capitalist Peter Thiel, an early investor in Facebook, noting “Mr. Thiel has dabbled in activism to the minor extent of co-hosting in Manhattan last month a fund raiser for gay Republicans” (actually, it was GOProud).
Interestingly, Thiel reflects about Obama, “I’m not sure I’d describe him as a socialist. I might even say he has a naïve and touching faith in capitalism. He believes you can impose all sorts of burdens on the system and it will still work.” Unfortunately, he adds, government has become too big and too inefficient to work, “throwing good money after bad,” and has put up too many regulatory barriers to innovation and growth. He notes, for example, how Sarbanes-Oxley resulted in a dearth of initial public offerings—new public companies based on innovative ideas that are the foundation for robust economic growth—which is part of the reason why “we’re stuck in a period of long-term stagnation.”
The great exception, Thiel says, has been information technology: “So far computers and the Internet have been the one sector immune from excessive regulation,” he observes. Yes, so far.
For me, the profile highlights how openly gay conservatives and LGBT progressives view the problems facing us, as Americans, in starkly different terms. Peter Thiel is the anti-Barney Frank.
More. Barney Frank spins about his responsiblity for the mortgage crisis.