The Reuters headline says it all: Apple is worth as much as all euro zone banks.
One U.S. Company. All EU banks combined. That's a hint of the power of America's private industry, which someone on the right who would like to be president might think of trumpeting as a clue to our economic recovery.
William F. Buckley famously quipped:
I am obliged to confess I should sooner live in a society governed by the first two thousand names in the Boston telephone directory than in a society governed by the two thousand faculty members of Harvard University.
I'm not an advocate of corpocracy, but does anyone seriously doubt that Steve Jobs and a handful of folks from Apple Inc. could create more jobs and grow the U.S. economy faster than Barack Obama and the Democrats? Apple and its CEO are far more faithful to promises made to shareholders than is our government and President to promises made to citizens.
Perhaps the authority to regulate interstate commerce should have been omitted from the powers vested in Congress. America's Second Estate, private industry, might have proved a more trustworthy custodian.
Given the present state of affairs, however, is there any way to convince Apple to begin operating banks in Europe...?