From Churchill’s Parrot blog: www.churchillsparrot.com
It’s harvest time all across America’s fruited plain and what a glorious harvest it is this year for American liberals.
For well over forty years they have been sowing the seeds of entitlement mentality, racial suspicion, class warfare, government bureaucracy, and moral relativism into American churches, classrooms, town halls, and places of business. Now they are at last bringing home the prize they have worked so hard to achieve: The United Socialist States of America.
Best of all, they have Tom Sawyer’d the Republicans into doing most of the heavy lifting for them.
For instance, they have George W. Bush (the ostensibly Republican President of the United States) asking the Democratic party-run Congress to allow the government to buy $700 billion in toxic mortgages. Genius! Not only is this the largest financial bailout of the American economy since FDR’s New Deal but, in conjunction with the $5.2 trillion government takeover of Fannie and Freddie, it amounts to the “the greatest nationalization in the history of humanity.” As we said earlier, eat your heart out Hugo Chavez!
Better still, liberals can have their socialism and eat it too, for they are rather successfully trumpeting this transition as proof positive of the failure of Conservatism.
They’re right of course. This is the failure of Conservatism; not of its principles, however, but in their application - as in, they weren’t!
Observe - at the heart of the America’s present economic meltdown is the mortage crisis. At the heart of the mortagage crisis are decisions – empowered by liberal dogma of equal access for all regardless of ability to pay – which forced lending institutions to make suicidal loans. The Clinton Administration’s “ National Homeownership Strategy” started the ball rolling in 1994. This was followed a number of well-intentioned/economically-disastrous (read “liberal”) maneuvers which brought The Community Reinvestment Act of 1977 into full force making matters worse. Bushie’s “ownership society” proposals only furthered the folly. And a wee bit of good old fashioned corruption (oddly majority Demorcrat) sealed the deal. Alas, the American economy now lay in ruins.
Government mandates forcing businesses to give their product away to those who cannot afford it will go broke. Who knew? Well actually any Kindergartner could tell you that but … damn it was a good ride while it lasted wasn’t it?
Now faced with the staggering tab for feel-good liberalism and the corruption which funds it, the American people are clamoring for the “stability” of Mother Socialism, so long as she dons the blue blazer with striped top hat and trousers of Uncle Sam.
Bravo America. And welcome to the world federation of socialist republics!
Cheers,
Charlie
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3 users commented in " Liberalism’s Bountiful Harvest "
Follow-up comment rss or Leave a TrackbackCharlie, this crisis was the culmination of two major changes to the banking system. The first was a Laissez Fayre attitude to regulation by the US treasury department allowing banks to lend a much larger multiple of their capital base as well as the new model of “originate and distribute” by using capital markets and not deposits as your base for lending.
If the bank had no intention of hanging on to the mortgage, why should it care about the quality of the underwriting.
This all worked great as long as the Fed kept rates artificially low and the housing market boomed. But when this stopped all these bad underwriting practices became evident.
This led to writedowns and the seizing up of the financial system. If the Fed and Treasury had failed to intervene this week you could see that this domino effect of failing institutions would have wiped out most of the financial sector.
Now this may not sit well with your political ideaology, but thank goodness the Treasury department is more pragmatic. Otherwise this crisis may have led to something similar to the 1930’s depression.
My Dear Callum,
A most well presented and thoughtful comment. We thank you.
It does not sit well with our political ideaology and we would argue that all this government takeover is both unnecessary and very dangerous.
However, that all remains to be seen. In the meantime, this debate is essential and requires all ideaologies to regard the facts soberly and as objectively as possible. We thank you for elevating said dabate in this manner.
Cheers,
Charlie
Socialism isnt that bad China has an elite class as we do here, lower class struggles along, middle class is getting better but not at a faster pace then Chinese want.
They say all are equal but is not the case in reality.
Only difference is the Government does waterboarding more often then we do.
Chinese food isnt that bad either:)
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