Wednesday, October 8, 2008

On the Lack of High-Mindedness

In my last post I discussed the lack of wisdom displayed by liberal Democrats in this ill-conceived attempts to achieve "equality of outcomes" (instead of equality of opportunity) in the U.S. mortgage market through the influence of such creatures of the state as fannie-mae and freddy-mac. In this post, I will touch on the lack of high-mindedness that accompanied these actions.

First of all, however, let me clarify that the actions of which I speak have not been entirely the purview of liberal Democrats. Certainly it has been the mindset of liberal Democrats that has "carried the water" for programs like FNMA and FHLMC, but it has not been utterly without the support and collusion of some Republicans (who really ought to know better).

Now, to the matter of the lack of high-mindedness leading to the most destructive kind of folly.

As late as yesterday (07 Oct 2008) Congressman Barney Franks (D-MA) was arguing in the mainstream media that any challenges to what fannie-mae and freddy-mac were doing in the subprime mortgage markets was "racist." Furthermore, he and his liberal Democrat allies were still blaming McCain and the Republicans for being against regulation, stating that it was this anti-regulation sentiment that was to be blamed for the current economic crisis.

This certainly exposes a lack of high-mindedness by Franks and his ilk. These Democrats know that it was McCain and Bush (not Obama) who were raising questions and seeking additional regulation to rein in what was happening at FNMA and the mortgage market in general. McCain and others were raising the spectre more than two years ago of such a collapse as we are now experiencing. All of their attempts to bring about regulatory changes were thwarted by votes that fell almost entirely along party lines (with a few renegade Republicans voting with the Democrats). The Democrats want nothing to do with additional regulations on FNMA and the subprime mortgage industry while the Republicans (by and large) were fighting for such changes.

Why were the Democrats opposed to such new regulation? In all likelihood it was because the Democrat party and Democrat members of Congress and the Senate were frequent recipients of favors, special treatment, and financial contributions that originated from within FNMA and FHLMC or elsewhere in the financial industry. This utter lack of high-mindedness has, as we have seen, produced the "most destructive kind of folly." Capital markets in the U.S. have surrendered more than $7 trillion in equity (losses) to the folly foisted upon us by liberal Democrats.

Nay, it is too generous to call this a "lack of high-mindedness"; this is the depth of corruption! For a bowl of pottage our liberal and otherwise corrupt politicians have sold the U.S. economy down the proverbial "river" without a second thought. Worse! They are still defending their actions today.

In this election cycle, it is high time to ask: Are there any real men (or women) remaining in Congress to take a stand against such corruption? Are there any that still understand "wisdom" or act with "high-mindedness" and not the basest of human cravings?

Now is the time to elect some who stop offering promises about what the government can do for you and, instead, stand up to say that it is time to put the nation ahead of personal gain and personal interests!

May God preserve this great nation for it remains today the world's last and best hope!

No comments: