The left is marching against free market capitalism and it is the responsibility of all conservatives to take up verbal arms against the progressive troops lining up to trash free markets. E.J Dionne, self proclaimed progressive, writes for the Washington Post today that there is something to the argument that Americans are all Socialists now, because “capitalist theory and practice were being toppled by an economic catastrophe that proved how profoundly flawed the old system was.” I guess Dionne wants to toss “old system” of capitalism in the trash, for a new Socialism-Light system with a big government nanny state to take care of us all. What Dionne misses is that one of the factors creating the meltdown on Wall Street was the the Community Reinvestment Act (CRA), requiring financial institutions to make loans to people who could not repay.
According to Investors Business Daily, if a company refused to loan to people with bad credit, they would be penalized by one of four federal banking regulatory agencies, including being listed on a CRA ratings report card. This government action was a factor in the meltdown of Wall Street, no matter how loud the left cries that the Wall Street downturn was attributable to greed and evil corporate wrongdoers.
Dionne claimed that the approach to a form of ”capitalism that saw government playing an ever smaller role in economic and social life, and finance reigning over production and invention” was failed. I guess Dionne believes the converse to be true that we need government to play a bigger role in our economic and social life. No thanks.
Dionne went on to argue for “socialism’s philosophical brother,” which consists of a “cooperative system” including support for ”stimulus (by government), re-regulation of finance (by government), and stronger safety nets (also provided by government).” Massive new government spending, more bureaucrats second guessing decisions of private enterprise, and more entitlement programs will send us down the road to socialism, not prosperity. In short, Dionne far prefers warmed over socialism, which resembles the left’s definition of progressivism, to the current American system of a limited government with minimal government interference in the economy.
Dionne and his progressive buddies need to understand that warmed over socialism is not the solution to any of the probems of the economy. What caused the economic catastrophy was too much government, not too little. The TARP is a great case study in how government solutions actually exacerbate the problem and are further evidence that big government is a problem that should be the subject of reform — not capitalism.
Aaron Gardner
Moe Lane
Steve Maley
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Dan Spencer
Dan McLaughlin
Mercantilism Dressed Up as Progressivism
lukematthews (Diary) Monday, March 30th at 3:16PM EST (link)This government directed and driven economics idea is just a warmed over dish of old-fashioned mercantilism. Mercantiilism was the economic theory that was based on the government and a few special, smarther-than-thou economic engineers were better able to decide the right investment in the right things. Adam Smith spent his whole life fighting for free trade because he rightly reasoned that no one entity or group of people were as wise as the rank-and-file members of society. Our ‘liberal’ system of letting the market work was the result. Marx took such special pains trying to distinguish his goofy economic plans from mercantilism precisely because it was the same thing. A supposedly-smarter group deciding the allocation of resources. E.J. Dionne isn”t just saying they are all socialists, he’s really saying their crypto-feudalists dressed up as a ‘new’ way of thinking.
and amazingly enough, many in Europe are even warning us against it!
JLenardDetroit (Diary) Monday, March 30th at 3:42PM EST (link)I thought part of the great “Hope” (he he) would be the “Change” that all the World would love us and follow the 0blahblah!?!?! Since the Lefty-loons are so darn concerned about what the rest of the world thinks, shouldn’t they be paying attention to the fact that so many abroad are saying “NO” to ObamaBinBiden’s desires for them to TAX AND SPEND even more than those Euro-Socialist nations already have which has them in such horrible shape even before this current down-turn?!?!
Many warn us against the Socialized-Medicine – begging us to NOT destroy our system here as many of them depend on being able to come to the USA to get their Health Care because they cannot get it at home!
Many warn us against all this “Stimulus” spending and that printing money out of thin air for circulation is NOT helpful — they know, they been there and done that!
This all goes to show the continued hubris of American Leftist (Democrats/Progressives/Socialists)…. They have always, and seemingly even more-so still today, believe they can do Socialism better… That in their hands it will succeed despite the FACT that it Fails (and destroys the quality/value of life, liberty, freedom, wealth, etc) every darn place on the Planet that it is implemented. That, or with some other Liberals, they just don’t care how bad it screws over anyone/everyone else as long as they are on the Handout receiving side or (in the position of Democrat Politicians) that they will always be in the Ruling Elite and above it all collecting the Government dole (at levels well above and beyond everyone else – in other words, they’ll still be able to get Rich through being on the inside while no-one else ever will). All at everyone elses expense!
Regards from NoMoTown (the MOTORlessCITY)
“Liberals, looking to do for? America what they’ve done for? Detroit! which is DESTROY IT!”
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“You can lead a Liberal to the Truth/Facts, but you cannot make them THINK!”
“Romney [No, not my first choice] does NOT have a MORMON problem. He has a, far too many Americans; these days; are MORONS problem!”
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Government, not capitalism, has failed
traversecityconservative (Diary) Monday, March 30th at 4:43PM EST (link)Cafe standards, unions, environmental regulations, and production of a car not wanted to a majority of Americans (hybrid) was the downfall of the auto industry, proving once again, that capitalism (the old system) is fine until there is outside intervention.
Wrong! Capitalism should have been able
robmikpet (Diary) Monday, March 30th at 4:51PM EST (link)to adjust to the thousands of costly and useless regulations as well as the largest corporate tax burden in the free world (sarcasm alert)
To repeat, this is a concerted effort to destroy the United States as we know it!
Community Redevelopment Act?
kabane52 (Diary) Monday, March 30th at 4:50PM EST (link)First, I think you mean Community Reinvestment Act. Second, I don’t think the CRA played a large role in the downturn of Wall Street. Only 25% of subprime loans came from CRA regulated banks.
Thanks Kabane52
Brian Darling (Diary) Monday, March 30th at 10:16PM EST (link)I typed my post too fast. I will fix it. Do you agree that the CRA played a roll?