Conventional wisdom throughout this financial crisis has been that deregulation has caused this mess. The real reasons for this crisis are very, very complicated. However, in understanding how this financial crisis came upon us the following video may be particularly helpful. The bottom line: government intervention caused this, not simply government deregulation.
If the US government hadn't made a policy of guaranteeing (financially "backing up") loans that poor Americans could not afford, then this crisis would not have occurred. Indeed, if Democrats in Congress (including Barack Obama) had passed the regulation recommended by the Bush Administration and the oversight proposed by John McCain, this crisis might not have occurred.
Somehow, mainstream media has avoided these pertinent FACTS.
So whose economic policies truly failed us? The policies of the free market or the policies of government involvement in every aspect of our lives? I would argue that it's the policies of expanding federal government that have failed us. The philosophy that government can fix every wrong has failed us. These are failed ideas being espoused by Barack Obama. In fact, in the debate last night he couldn't name an area of government spending that he would cut if tax revenues decrease next year.
A three trillion dollar budget and Sen. Obama can't tell us what he would cut. Amazing.
The video is about ten minutes long, but it's worth every second:
Please send this post to friends, family, co-workers, etc. There are great problems facing the United States, but none is more threatening then failed philosophies of the 1970's re-emerging.
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