I highly recommend this long but excellent piece, “Wall Street Lays Another Egg,” by Niall Ferguson in Vanity Fair. You’ll be smarter if you read even half.
Hat Tip: Ralph Hancock on the Postmodern Conservative blog @ Culture11
NPRI has posted an easy to look at historical graphic of the housing crisis here in Vegas, complete with circles and arrows (ok, just arrows).
Here is a graphical depiction of the connection(s) – and dollar amounts that passed – between:
George Soros, MoveOn.org, the Chicago Annenberg Challenge (CAC) project, the Woods Fund, Bill Ayers, ACORN (its housing division as well as voter registration group), Project Vote, Barack Obama, Fannie and Freddie, Johnson, Raines, and various senators and congressmen including Chris Dodd, Chuck Schumer, and others.
All of this information is on record and verifiable.
Even if you look at each connection in the most positive light possible, the thing as a whole is an eye opener. If you’ve never understood or believed in the the possibility of a Vast Left Wing Conspiracy – or, if you prefer a nicer couching of things: the possibility that activists on the Left have tremendous Power and wield it in ways that are often overlooked – now may be the time to reconsider.
If you want to Do Something, pass this on!
I had the honor of meeting and assisting Pat Toomey last week at the Conservative Leadership Conference here in Las Vegas. This morning, Club for Growth says/releases the following (excerpted):
Eighteen months into the credit crunch, many largely capitalized financial services firms are experiencing serious difficulties but the overall economy continues to grow. GDP growth over the past 12 months was 2.25 percent and 3.5 percent when excluding the drag imposed by the housing sector. Even within the financial sector, many banks are doing well. Regional bank indices had risen significantly since the lows of last July—prior to the bailout announcement—and thousands of community banks are thriving. It is extraordinary that a massive government intervention in the economy is considered inevitable when the economy is not even in a recession.
Indeed it is. On what is the panic of Wall Street types based? Could it be fear that lack of liquidity and credit in the market will affect their own bank accounts?
At the same time, socializing economic risks come at a great cost to the American economy by misallocating capital, inviting political manipulation, and putting taxpayers on the hook for possibly a trillion dollars. Such a large takeover by the government will surely be accompanied by adverse, unintended consequences. Already, other companies and industries are lining up at government’s door asking for their own bailout. And if the government incurs $700 billion in debt to finance the purchase of bad bank assets, the danger that it will eventually monetize that debt and trigger dramatic inflation is very worrisome.
“Unintended consequences.” This concept is one of the great underlying tenets of conservative thought. The idea is that when one makes broad, sweeping changes there are always unplanned effects, and they are often worse than the problem with which you began.
Our Do Nothing Congress should, in this case, do nothing (other than what Newt said yesterday). We ought to free things up where we can, allow the market to self-correct, and let those who must (and should) take their proverbial Lumps.
Access to unlimited cash and credit is not a “human right,” and we should stop behaving as if it is.
Here’s Andy McCarthy today:
The mainstream press mindlessly repeats the mantra that Fan and Fred perform a “vital” role in making the dream of home ownership a reality for the lower middle class — increasing market liquidity and thus keeping mortgage rates low. In fact, these quasi-government entities have what is at best a marginally depressive effect on mortgage rates. To create such an artificial effect — however imperceptible — is not a good idea at all; but even if you think it is arguably beneficial, the benefit is palpably not worth $5 trillion in liabilities. And if the mortgage crisis has taught us anything, it is that: without any government intervention, lenders and borrowers will innovate mortgage arrangements; borrowers shouldn’t be encouraged to buy homes they can’t afford; and private/public entities are apt to pour gasoline on a fire.