Welfare bums and welfare queens are by no means limited to the public housing projects. They are also to be found in the corporate boardrooms of some of the most prestigious business firms in the nation, but wherever found, this system is corrupting and inefficient. Government efforts to direct capital to its most productive uses have been a dismal failure, compared to private money managers and entrepreneurs. This is because the latter, but not the former, face a “cruel” market test every day, which weeds out inefficiency.