The View From 1776
Liberal-progressive-socialist icons ranging from Congressman Barney Frank and Senator Charles Schumer to New York Times polemicist Paul Krugman have aggressively defended the fraudulent accounting and reckless lending practices of Fannie Mae and Freddie Mac, ostensibly in the name of low-cost housing.
Without liberal-progressive help, the subprime mortgage bubble would not have expanded to its ultimately gigantic proportions.
Read The Fannie Mae Gang by Paul A. Gigot, the editorial page editor of the Wall Street Journal.
- What is the opposite of "liberal-progressive-socialist icons"? Who ever they are- I guess they are icons of the right - they also enabled, even more grossly, Fannie Mae's and Freddie Mac's meltdown.
These icons of the right resided in the Bush administration, from a Fed Chairman (who should have known better) on down. The administration was more than gungho, at any expense, to expand the 'home owner society'. In doing so, because they were so anxious to get everybody to participate, in their recklessness, they flaunted and ignored accounting and lending practices. These icons enabled the quasi derivatives and predatory lending that eventually overwhelmed Fannie Mae and Freddie Mac.
- My man, Mr. Airth, you have a very, very short and selective memory. These institutions have been criticized by the 'right' since their inceptions. Every attempt at reform has come from the 'right'. All reforms have been denigrated, demogogued as racist or assaults on the 'poor'. The GSE's during the easy money 90's and early 2000's transformed themselves into job providers for important political allies of mainly the left. The lobbying efforts and campaign contributions provided by the quasi government agencies have acted as protection for management at the expense of, guess who, the taxpayer and the homeowners these agencies were theoretically supposed to help. They have become nothing but governemnt backed slush funds for the party of regulation while distorting markets.
The late 90's saw a huge expansion of influence for the 'community reinvestment act'. Annual reviews began to be made of the banks and lenders regulated by the federal reserve and the fdic. In effect, sound lending rules were jettisoned in the name of marginal potential home buyers. Who did that benefit, and at what cost?
- The problem, then, as you put it, is the culture of America. So, perhaps this is good for America, that it has hit this wall , so the culture may be reformed.
- No. The lack of freedom and choice developed over the last 60 years or so based on the easy answers and false promises supplied by contemporary 'liberalism/progressivism' created these problems. The answer to the systemic and inevitable failure of the GSE's, progressive institutions created during the new deal and taken off the books during the great society, currently being supplied by those on the left is simply more of the same, i.e more regulation, more funding and, what will be, more ineffencies, market price distortions and poliitical self-dealing. The stated purpose and goal of the left has been to change the culture to one of more dependency, centralization and control. The chickens are coming home to roost. They should be allowed to fail and the political power they supply to our bureaucratic/administrative state should be shut down.
- Posted for Jim Baxter:
The Left never gets it. IQ Test.
Definitive Liberty of individuals, and Freedom of opportunity for individuals, is essential to their making human choices. However, crime and licentiousness also thrive in Liberty & Freedom, affording opportunity to "do it their own way." Thus, the quality difference is to be found only in the prior choice of Criteria. No one can make choices and decisions any better than their pre-selected criteria.
The liberal Left has no criteria that rises higher than self. Thus, a self-serving lack of ethics & morality is their definitive pattern of behavior - all in 'the name' of Liberty and Freedom. The centrist Conservatives have founding Principles derived from non-manmade Judeo-Christian sources. They are timeless. They are creative & productive for earth's choicemakers in marvelous ways unlike the dead-end man-made collectivist opinions.
The dodoes can never come up with their chosen ideology-criteria because there is none. Only opinion - or silence. Small wonder Mr. Adams said that this kind of system was made only for a free and criteria-equipped self-controlled society of worthy individuals. It won't work for any other kind or definition of human. Never has. Never will.
a follower of The Lion of Judah