The large majority of conservatives with whom I have spoken about the current economic crisis have voiced the opinion that the recent ‘remedies’, both proposed and undertaken, by the administration are unavoidable.
I must take issue with the idea that Bush – and Bernanke and Paulsen, and all of the other ‘players’ who have been involved in the nationalization of what was formerly private enterprise, and the taxpayer-funded bailout of major private institutions – is doing what needs to be done.
The reasons we are in this mess are several – the most blatant of which are:
- (1) ‘Special interests’ who have a focus on racial/low-income ‘quotas’ pressured congress to relax underwriting standards to the point where people’s ability to meet the requirements of a financial contract became all but irrelevant in the delivering of that contract.
(2) Many of the checks and balances/regulations that have been a part of the free market system have been discarded, wholesale
(3) Stemming from both of the above, financial gurus whose calling it is to make momentous decisions with other people’s money began to place more value on the money they themselves could make than they did on the well-being of those they represent.
(4) Those whose charge it has been to oversee the banking/mortgage/investment/real estate industries too often cavalierly looked the other way when rules were being bent and broken.
The administration’s recent unprecedented moves (with more such travesties to come) in an effort to stave off a major economic calamity – both national and global – will, in the long run, do no such thing. I don’t believe there is an economist worth his salt who will agree that placing the gargantuan burden for (1) through (4) above on the backs of the American taxpayer (of both this and the next generation), while also ensuring a spiraling national debt, greater devaluing of the dollar, more inflation, and a deeper recession, will accomplish anything more than placing a band-aid on a wound that has pierced an artery.
From the grotesque burgeoning of the entitlement mentality (along with the coincidental inverse movement in the work ethic) ... to the refusal to punish those who enter our country illegally (in fact we reward them by providing a myriad of services, gratis, for which the law-abiding American citizen must pay) … to this most flagrant example of the responsible once again footing the bill for the fraudulent and the irresponsible ... and a myriad of other examples of societal decay sandwiched in between ... we have become a nation that no longer believes in personal responsibility, or justice for that matter.
Not only will these recent band-aids accomplish nothing economically/financially – neither will they alter the corrupt status quo one iota. In effect, they will serve to embolden the schemers.
If a child consistently behaves irresponsibly and arrogantly, and never pays a price, that child will never learn the meaning of responsible behavior. Especially if other children are constantly forced to reap the punishment that should have been meted out on the offender. It becomes nothing more than a sadistic game of sorts, with evil consistently triumphing over good.
I am certain that my views on this grave situation may seem astonishingly harsh to many (perhaps most) of the readers here. But, believing that nothing of any long-lasting positive significance will result from these grotesque government nationalizations of what used to be private enterprise, and economic bailouts, I believe that the only course of action that has any hope of resulting in a permanent, long-lasting ‘cure’ for the corruption and loss of moral compass that permeates virtually every corner of our government, and its special-interest puppet-masters, is to allow nature to take its course. To allow the rule-breakers to suffer the consequences of their actions. Finally.
Yes, the result could be a national, and global, catastrophe the likes of which we have not experienced in our lifetimes. But if that is what it requires for a return to sanity and a renewed reverence for personal responsibility (which, after all, is the cornerstone of any reasonable definition of human liberty), then so be it.
The current course correction will provide none of the desired outcomes. Not on a permanent, we’ve finally learned our lesson basis. In fact, it will solidify the status quo – and will dramatically ... negatively ... alter the lives of every American taxpayer, and his children, into the foreseeable future.
If there must be a (n economic) flood, of Biblical proportions, the excruciatingly painful cleansing that would result might just prove to be the painful lesson that sets America back in search of the Founders’ vision.
Nothing that is in the works, or on the table, at present even takes that magnificent vision into consideration.
Many here on AADB have been whispering for a long time the belief that a 'revolution' of sorts is the only thing that has any chance of setting our beloved republic back on the path that was blazed for us two-hundred-plus years ago. Perhaps the activism involved in such an undertaking has been removed from our grasp, and we are instead supposed to (somewhat passively) simply watch the corruptors finally receive the horrendous comeuppance that they deserve. That we must suffer along with them is terribly unfair and unfortunate. But sometimes a deep and essential cleansing demands such suffering, on the part of the innocent as well.
For those who marvel at our ability to stagger from crisis to crisis without experiencing a disaster and think we can continue indefinitely to overload our economic and social system with laws of plunder and legislative nonsense, I will remind you that the man who is guillotined is breathing right up to the moment the blade hits his neck ... John Galt