The Commodore and the Commerce Clause

The President's Supreme Court argument supporting his Obama-care legislation to socialize, nationalize and monopolize the practice of medicine hinges on expansion of the constitutional reach of the "Commerce Clause"[1].  Paradoxically, it was pioneering free-market steamboat- and railroad-entrepreneur and early Wall Street titan, "Commodore" Cornelius Vanderbilt, who played a pivotal role in the landmark 1824 Gibbons vs. Ogden Supreme Court Decision that established primacy of the federal government in regulation of interstate commerce.  "Cornelius Vanderbilt was a classic Market Entrepreneur (using Folsom's terminology) and an Agent of Creative Destruction -- a true Schumpeteran Entrepreneur. He was a key figure in breaking the steamboat monopoly granted to Robert Fulton and Robert Livingston in the waters around New York City; in the transatlantic steamship business; in the east coast to west coast steamship business; and the builder of the New York Central system which,...(Read Full Article)

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