July 9, 2010

Hucksters Not Wasting the Crisis

Justin Katz

Funny, I hadn't heard insufficient involvement of "disadvantaged groups" included among the contributing factors to our the economic crisis that supposedly necessitates a stronger government hand in the finance industry. And yet:

Chris Dodd, Barney Frank, and Barack Obama insist that the new financial regulation bill pending a vote in the Senate is a necessity to restore stability to troubled markets. Instead, it looks as though Democrats have been more concerned about quota systems than economic growth. Buried deep within the bill is a requirement for all regulatory agencies with jurisdiction in economic arenas to start beancounting based on ethnicity and gender.

It's almost as if regulation is not a means to correct problems, but an end in itself, expanding government authority to dictate the terms of our social existence.

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People with more economic knowledge than I may wish to chime in. However, it is my understanding that much of the government engagement with the "Great Depression" only made it worse, and that the "Great Depression" lasted longer in the U.S. than it did in Europe. There may be merit in the idea that Europe was on a war footing long before we were.

Posted by: Warrington Faust at July 10, 2010 7:22 AM

Anyone who believes there are "bounds" to this, might reflect on the Depression Era "bank holidays".

I suppose this was not a "taking" since Americans were not permanently deprived of their funds on deposit with banks. But they were unable to reach those funds for 3 days. This was Roosevelt's first act as President. Whether it was a good idea, or not, I wonder what the constitutional authority for this was?

When I was studying this, the professor mentioned that banks never used the word "holiday" to describe days they would be closed. He was correct, at least into the 90's. By then I guess banks thought it was safe to use the term "holiday" again.

Posted by: Warrington Faust at July 10, 2010 7:14 PM

What do you mean "almost as if"?

It is exactly that. The Stalinists who have taken over the Democratic Party since 1990 are the most power-crazed, corrupt group in American history.

If they are not deposed in November, this will not end well.

Posted by: BobN at July 11, 2010 7:42 PM
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