We take for granted that the government of the United States will act with probity and restraint. Uniquely among nations, we have a government that is overshadowed by powerful ideas about the sources of its legitimacy. These are encoded in the Declaration of Independence, the Bill of Rights, key passages of the Gettysburg Address (“dedicated to the proposition…”, “of the people, by the people, for the people”) and elsewhere.
Examining the history of our government’s involvement in political economy bears out that it has always been very reluctant to intervene in private arrangements. Every nation must find a critical balance between the rights of men and the rights of society, and every nation must provide for its material well-being in the context of that balance. As Americans, we have always sought to err on the side of human dignity and private rights, even in times of war and crisis.
We’re now deeply enmeshed in crisis. Moments of crisis often bring change. But now we now have a President who is pleased to tell us that we must look to the future with fear, rather than welcome it with hope as Americans have always done.
Leave aside the sardonic irony of this disingenuous young President, who campaigned for his job telling us exactly the opposite of what he says now.
In fact, we have crossed many lines in the last twelve months. The Rubicon moment came last March, when the Federal Reserve, responding to a true emergency, intervened in the imminent failure of the Bear Stearns Companies, to ensure that firm’s demise would not threaten the global financial system.
They succeeded rather well, but to me the most striking thing about it was Fed Chairman Ben Bernanke’s Congressional testimony about a week later. Visibly shaken, he said that he had lost a lot of sleep over the decision, and he hoped he never again would have to do anything like it.
Why did he say that? Because the Fed throughout its history has understood its role as a lender of last resort and as a banking regulator in strictly limited terms. Quite apart from a prudential recognition of limited competency, this attitude reflects a powerful philosophy about limited government. Bernanke ultimately had no choice but to do what he did, but he was disgusted all the same.
And he was right to be. Because by September, the Fed and the Treasury, having just nationalized $5 trillion in mortgage assets issued by Fannie Mae and Freddie Mac, tried to re-establish some restraint. They chose to allow Lehman Brothers to go bankrupt with no intervention.
Two things happened immediately: the volte-face caused market participants to permanently lose their confidence about what the authorities would do in any given situation; and the bankruptcy unleashed a chain of disruptions that, after thirteen months of contained crisis, finally managed to jump the levees and infect the real economy. The Rubicon had been crossed.
In this context of crossing lines, Congress and the feckless new President are now jumping in to assert a degree of control over private arrangements that even the New Deal shrank from. Once we pass a near-trillion dollar spending package, essentially without reading it, because of a belief that the sky will fall if we don’t, it will be very hard to resist such stories in the future.
As Americans, we’ll decide together how much control over our affairs we’ll give up at this moment. Even after September 11, 2001, our leaders encouraged us to look forward with hope. What is historically discordant about today is that many of us will make the decision to embrace change out of fear rather than out of hope. Today’s leaders are challenging the fundamental character of America as an optimistic nation.
Aaron Gardner
Steve Maley
KnightsofMalta
Benjamin Franklin said:
Steph C (Diary) Monday, February 9th at 11:13AM EST (link)Any society that would give up a little liberty to gain a little security will deserve neither and lose both.
Most who know this quote think of it only in terms of national security and wartime. However, it applies to all aspects of life. The more we look to the government as the cure for all ills, the economy, healthcare, and so on, the less liberty we have to make our own decisions.
I’m the wife of a blue collar worker. This past year, my husband has 5-W2s to file on our tax return. This “stimulus” bill is not the answer. Nothing in that bill is going to do anything but spend money. In the short term, it will look like something is happening but in the long run, money will be spent that 5 years from now, we’ll be hard pressed to say what good it did because it’s all cosmetic.
To put the cosmetic description in understandable terms, think about Pelos and her regularly scheduled botox treatments. Without them, how would she look 5 years from now?
“[I]f the public are bound to yield obedience to laws to which they cannot give their approbation, they are slaves to those who make such laws and enforce them.” –Candidus in the Boston Gazette, 1772
Hillbilly Politics
Ya really didn't have to put that picture in my mind
gekster (Diary) Monday, February 9th at 11:28AM EST (link)I was doing just fine without it.
LOL
They say Republicans are for the rich, Democrats are for the poor.
If they need more voters,
then they have to make more of who they are for.
We are there in the various Tea Party groups, leaderless, but not rudderless.
We steer always toward the Constitutional principles this nation was founded upon.
Erick Brockway
Ok folks, 2012 is here. Get involved
Levity is a great stress reducer.
Steph C (Diary) Monday, February 9th at 11:38AM EST (link)When everything is gloom and doom, as admittedly the reality of our situation is, a little levity goes a long way.
“[I]f the public are bound to yield obedience to laws to which they cannot give their approbation, they are slaves to those who make such laws and enforce them.” –Candidus in the Boston Gazette, 1772
Hillbilly Politics
She'd look like a thinner version of Helen Thomas?
janis (Diary) Monday, February 9th at 1:02PM EST (link)Now that's a picture I could have done without.
Steph C (Diary) Monday, February 9th at 5:05PM EST (link)ROFL
“[I]f the public are bound to yield obedience to laws to which they cannot give their approbation, they are slaves to those who make such laws and enforce them.” –Candidus in the Boston Gazette, 1772
Hillbilly Politics
5/5
JDidSaint Monday, February 9th at 4:34PM EST (link)Logic and wit aren’t mutually exclusive, but it’s rare to find both executed so well in a single post.
“I’d rather go through the pain of the re-emergence of free markets than endure the long suffering of a socialist state. One is natural and comes from that spark of human desire; the other is imposed and smothers the flame of ingenuity.”-Crowe (from RedState!)
Obama vs FDR: Fear Itself vs Fearing Fear
streetwise (Diary) Monday, February 9th at 11:47AM EST (link)Here’s the other thing they have in common:
Ugh!
This is the real Barack
izoneguy (Diary) Monday, February 9th at 11:54AM EST (link)The point cannot be made often enough: Modern liberalism, as embodied in the Obama presidency, is the defender of the status quo. And the status quo is a road to economic ruin. Political forces cannot redistribute the wealth that the economic system does not produce.
Brilliant!...speaking of newborns....can we put the Birth certificate debate behind us?
speciallist (Diary) Monday, February 9th at 12:13PM EST (link)Should Have Put a Cigarette in His Mouth
Spartan4Life (Diary) Monday, February 9th at 12:59PM EST (link)Maybe the pacifier explains why we have a president so weak on the inside that he can’t even quit smoking, something millions of Americans do every year, LOL.
I'm sure the Dems will be proud of this moment one day
6eorge Jetson (Diary) Monday, February 9th at 3:00PM EST (link)Hope and Change ------------------> FEAR and COERCION
Rod_Patrick (Diary) Monday, February 9th at 11:50AM EST (link)You nailed it Francis.
This is an excellent diary that concretely illustrate how Obama lied in the election, not once, not twice, not thrice…… but so many in so many instances.
Instead of Hope and Change, he’s now harassing us with his Fear of Economic Depression. Ha….. the One is not really the One…. he’s the fitting example that serpent in the Garden of Eden…. a LIAR. Obama’s current economic policies could be the main reason of such catastrophe.
A compassionate President? Heck. That’s another biggest sham of the last election. This Liberal/Socialist President is skillfully using his “Community Organizing” skills that he once practiced in Chicago. Those skills can easily be summed up to COERCION.
Obama is destined to be the most corrupt president ever lived in the WH.
Obama is Mr. Finch
spedteacher Monday, February 9th at 12:25PM EST (link)in the movie “How to Succeed in Business Without Even Trying”. The main character, Mr. Finch, fools everyone and the big boss that he is the best man for the highest level position. When told to come up with a great plan to make money, all he can come up with is stealing someone else’s idea, mainly the big boss’ nephew, of having a stupid treasure hunt. The guy is a fool, has managed to fool everyone with his pretense, and steals ideas to use as his own. Sound familiar? Treasure Hunt, indeed! Just like the Stimulus Plan, ie, the spending package.
Hey
red4ever (Diary) Monday, February 9th at 1:48PM EST (link)a treasure hunt sounds like a better idea than this non-stimulas plan. You bury packages of money in various places and let Americans look for it. The money gets to the people smart enough to find it — who will then spend it– which will put the economy back on track. Plus, you only need to bury a few million, not ONE TRILLION.
The hottest places in hell are reserved for those who, in times of great moral crisis, maintain their neutrality.
Dante
On stealing ideas...
Steph C (Diary) Monday, February 9th at 5:10PM EST (link)He took a page out of Fred’s playbook when he claimed he’s taking his case for the “stimulus” to the people. Fred said that’s what he’d do in one of those debates that really wasn’t a debate. That if Congress tried to do something he didn’t believe was right for the country he’d take it to the people.
What’s Obama doing today? Not that I think he’ll be very successful. What little I heard, it was crystal clear he doesn’t even know particulars that are in that bill.
“[I]f the public are bound to yield obedience to laws to which they cannot give their approbation, they are slaves to those who make such laws and enforce them.” –Candidus in the Boston Gazette, 1772
Hillbilly Politics
Of course Obama is selling fear
The_Gadfly (Diary) Monday, February 9th at 12:25PM EST (link)It’s the tried and true standard of “progressives” since the beginning of the movement to attain the workers socialist paradise. Thinking people who take the time to consider just some of the foreseeable consequences of the path they want to take will quickly turn aside. That way lies tyranny and death, as is proven by Mussolini, Hitler, Lenin and Stalin. They all came to power promising to free their people with the hope for a changed tomorrow. All have been consigned to the ash heap of history, but not before millions suffered for their hubris.
Hope v Fear...
Attack Mode (Diary) Monday, February 9th at 12:32PM EST (link)Hate to say it but the same thing was done to push the original TARP plan, which our tax evading “friend” Geithner created and sold to Paulson and Bernake.
We were all told, and continue to be told that if not for TARP the world would end.
At this point this all seems just par for the course. We should have killed TARP when we had the chance and avoided this whole mess….now we are stuck with this because of the idiotic notion that we “had to do something”.
We let TARP slide and we shouldn’t have. McCain, Bush, Paulson, and Bernake paved the way for the future excesses that we are starting to see now under the Obama administration.
This just pisses me off to no end. Especially since my 11 month old daughter will most likely spend the first 4 years of her life living in a depression.
“Land of the Free and Home of da Whopper” Peter Griffin…Family Guy
conform and celebrate diversity….or else!!!
Steel-Belted Radial Right Winger

“I’ll create 5 million jobs from out of unicorn farts and pixie dust” Justatron paraphrasing Obamessiah…yes I love it that much.
Where is the (alpha version) Mr. Gore to roar
persiflage Monday, February 9th at 12:38PM EST (link)“HE PLAYED ON OUR FEARS!
Thanks for another thought-provoking contribution Mr. Cianfrocca.
“A republic, if you can keep it…” – B. Franklin
The Paulson TARP plan opened the door on all of this
JSobieski (Diary) Monday, February 9th at 12:54PM EST (link)We have a huge problem.
There simply isn’t time to explain the plan, or even entertain discussions of alternative ideas.
If the plan is not passed in 48 hours, we face certain doom.
Did anyone on the right expect Obama, Frank, Pelosi, et al not to notice?
Did anyone expect the libs to waste a good crisis?
Many of my issues with respect to TARP were procedural in terms of how it was explained (it wasn’t), how alternative ideas were addressed (people like New and Forbes had some interesting ideas, but they were fully ignored), etc.
Whether you substantive agreed with the TARP or not, its hard to argue that the quality of the public debate on the issue was anything but a big stinking F
The door was opened by Bush reluctantly in good faith. The door is now unhinged.
My rules of the road for primary season.
Rule #1: Vote for YOUR first choice in the primaries
Rule #2: Vote for the R in the general.
Rule #3: Don’t let anyone convince you to violate Rule #1 or Rule #2
Rule #4: When in a center-right argument, reaffirm Rules #1-#3–it will help us all to get along better.
Rule #5: If you are using the language of the left, you probably aren’t furthering conservativism
Rule #6: The priority is issues first, candidates second, and supporters third. Nobody is bigger than the issues. Conversely, if you spend your time focusing on supporters, you are wasting everyone’s time.
STOP THE MADNESS!
A reduction in the rate of spending increases is NOT a cut!
In-state tuition for illegals is NOT amnesty!
Requiring someone to pay their medical bills is NOT an individual mandate!
Reducing tax rates is NOT a tax increase!
Really Looking Presidential in Indiana, Obama
Spartan4Life (Diary) Monday, February 9th at 1:01PM EST (link)LOL!
Who killed all those jobs in the midwest, anyway?
Think the greenies had anything to do with it?
Who killed all those jobs in the midwest, anyway?
izoneguy (Diary) Monday, February 9th at 1:20PM EST (link)Thats exactly what’s great about tax cuts. Every industry across the board benefits and the overhead is practically nothing.
With this stimulus package, it misses the 99% of the country who dont:
1) Manufacture rubbers
2) Design windfarms
3) Defraud elections
4) Plant sod
5) Have Unicorn farms
6) Manufacture Rainbows
The point cannot be made often enough: Modern liberalism, as embodied in the Obama presidency, is the defender of the status quo. And the status quo is a road to economic ruin. Political forces cannot redistribute the wealth that the economic system does not produce.
Maybe I Should Buy an ACORN Franchise
Spartan4Life (Diary) Monday, February 9th at 1:25PM EST (link)Trying to figure out how I can catch some of the hundreds of billions of dollars that are going to slip through the cracks. Best chance I have to get some of my taxes back.
I am sure Obama’s accountability web site will catch all the waste, though, right? LOL.
$4.00 Gas killed RVs, boats, and most other
Achance (Diary) Monday, February 9th at 1:34PM EST (link)recreational vehicles, e.g., 4-wheelers etc. The boat manufacturers are practically shut down altogether and nothing is selling, big, small, lake boat, or ocean going. Even here where the economy is still quite strong, you simply cannot sell a boat. Gas is about $3 still at my marina and that means $3 per mile and not many people can afford much of that. Mine hardly moved last season because first the weather was crummy and second gas at the dock flirted with $5/gal.
Big RVs have little better fuel mileage than boats and most of them get bought by people selling their homes at retirement and buying a condo and an RV. Well you can’t sell homes and lots of people lost most of their equity anyway. If you have cash or can get credit there are some astounding deals around on both RVs and boats. I can really set you up with an exceptionally well equipped 30 foot flybridge sedan with twin Mercruiser 5.0 liters and counter-rotatinng drives. Fully equipped for any weather or sea condition. Make Offer!
In Vino Veritas
yep
Common_Cents (Diary) Monday, February 9th at 1:59PM EST (link)I ended up buying a brand new cruiser in late July this past summer after looking at over 50 boats 28-40ft for sale this past spring/early summer. Finally found a new cruiser from a bankrupt dealer and bought it from the bank for 1/2 off. I checked around at the end of summer and only one of the 50 boats I looked at even sold in MN.
Obama=Golfer in Chief, Leading from,
behind, the Back Nine.Leaders don’t create movements. Movements create leaders. Get involved. Your future depends on it.
Govt “invests” YOUR tax money for POLITICAL return rather than economic return.
I absolutely Love this idea....do presidents ever carry cash?
speciallist (Diary) Monday, February 9th at 1:44PM EST (link)“In the case of Treasury Secretary Geithner, I am going to have a rubber stamp made that says “Tax Cheat!” in block letters. Every time I see a piece of paper currency with Geithner’s signature on it, I am going to stamp over his name with my Tax Cheat stamp. Sure, this action is just as futile as my vote, but eventually maybe others will reach the same conclusion that I have: it is far past time to make our voices heard.”
It is illegal..but in this case I think I will give you a pass speciallist...;^)...nt
Attack Mode (Diary) Monday, February 9th at 1:51PM EST (link)“Land of the Free and Home of da Whopper” Peter Griffin…Family Guy
conform and celebrate diversity….or else!!!
Steel-Belted Radial Right Winger

“I’ll create 5 million jobs from out of unicorn farts and pixie dust” Justatron paraphrasing Obamessiah…yes I love it that much.
I for one would get Big time schedentingles...
speciallist (Diary) Monday, February 9th at 1:55PM EST (link)if I had some of these Bills to spread around…lol
Here's A Way We Could Avoid Spending $850B
Spartan4Life (Diary) Monday, February 9th at 1:46PM EST (link)If Obama just would stuff all the doom and gloom and give people some confidence that would do more good than all this spending.
He is such a tool.
America needs hope.
Common_Cents (Diary) Monday, February 9th at 2:03PM EST (link)What happened to “We only need to fear fear itself?” Obama forgot that part and only comprehends the big spender part.
We need some hope, not naive fluff, but some hope mixed in with the reality of our times. The President can do great help with consumer confidence or can do great harm.
We need a real leader. America needs some hope. Obama playing partisan CYA politics is disgusting. Obama is no longer in the cushy Senate playing political games, he is our freakin leader!
Grow a pair, Mr President.
Obama=Golfer in Chief, Leading from,
behind, the Back Nine.Leaders don’t create movements. Movements create leaders. Get involved. Your future depends on it.
Govt “invests” YOUR tax money for POLITICAL return rather than economic return.
"All we have to peddle is fear itself" Obama/Emanuel (nt)
6eorge Jetson (Diary) Monday, February 9th at 2:38PM EST (link)