Posted by
John Dick on Friday, September 26, 2008 7:19:22 PM
As the current financial turmoil looms over our economy affecting our country’s stability, with all the political finger-pointing going on about who is to blame –- from President Bush to former Federal Reserve Chairman Alan Greenspan, from the "evil, greedy, corrupt" corporate financial and banking CEO’s, CFO’s, E-I-E-I-O’s …to the real estate investors, from those so-called shameful mortgage lenders to all those "irresponsible" borrowers, from Fannie to Freddie and back again, including even property appraisers and man-made global warming (okay, so I just had to throw that one in) -- I sit here with my wonderfully hot mug of freshly brewed coffee pondering this perception: most of the media and the political elite is completely oblivious, ignorant, even avoidant in dealing with any historical "cause and effect" that has led to the current fiasco, and reporting as if all of history started only about two years ago.
Notice also what seems to be an "elitist, snub-nosed, monarchical" arrogance and attitude by Democrats, many Republicans, and most of the media hounds that the "cause" is irrelevant and that only certain chosen "political-governmental savvy saviors" will be able to pull all the rest of us "poor ignorant common-folk fools" out of this mess … this "crisis" … or so they say. Understanding a little about statist-socialist-Marxist-leftist political ideas and tactics, it is quite obvious where all this smoke-screening approach to solving problems comes from.
Recently, I found a couple of gem articles addressing our current money and credit woes that really helped to put all this into a proper historical context – with one article written in the Winter of 2000! Yes, 2000! Won’t find these in the mainstream media.
From Bloomberg.com --
"How the Democrats Created the Financial Crisis" by Kevin Hassett
-- and --
From City-journal.org –-
"The Trillion-Dollar Bank Shakedown That Bodes Ill for Cities" by Howard Husock – written Winter 2000.
Seems there was this little known Community Reinvestment Act -- the CRA -- of 1977 signed into law by non-other than President Jimmy Carter. Also seems this little-big "Act" sat around the office dormant for awhile until it was needed in the 1990s by non-other than President Bill Clinton, along with plenty of other political opportunists, who opened the financial flood-gates for all types of "well-meaning" social programs and projects. And flow it did.
I recommend taking a few moments reading them just to raise one’s awareness of the trail to disaster. I only ask that after you read the Winter 2000 article, image that even then there were concerns about "billions" of politically-manipulated dollars going off to Fannie Mae and Freddie Mac supported "community" and "social" projects in political la-la land -– and that there has been eights years since of such accumulated loaning, borrowing, and spending.
Also, check out the latest column by one of my heroes, the brilliant Dr. Walter E. Williams,
"Scaring Us To Death." Crisis scare tactics and policies of the statist-leftist kind. Karl Marx would be proud.
Without sounding too negative, but staying focused on the reality of whatever comes out of the current Congressional House of Cards (Gads, how did our government get to such a drunken state?), just be prepared for piles upon piles of more manipulated, regulated, arbitrary, statist-socialist, tax-payer supported spending to be "piled" on top of the already monolithic heaps of statist-political garbage.
Shame on all of us for letting down our "intellectual" guard and allowing -– even helping -– the statist-socialist-leftist political and governmental parasites destroy what our Founding Fathers worked so hard to get started. Rebuilding our individual and economic freedom won’t be easy.