Meanwhile, absent regulatory compulsion, a bank that lends money to borrowers who can’t repay, or that invests depositors’ funds recklessly, deserves to fail: that’s how the market polices itself. If you’re not a shareholder or customer, the failure won’t directly affect you – again, unless the government steps in. When the State rescues monstrosities like Fannie Mae and Freddie Mac – quasi-private firms the Feds established to do precisely what no private lender would: guarantee risky mortgages – it shifts the consequences of bad decisions from the politicians, regulators, and companies that made them to the country as a whole.
That’s the only way a few players in an enormous, complex, and diverse market can threaten the entire economy. In other words, Bush admits that the economy is already centralized, even before his ballyhooed bail-out...
Hand-in-hand with a centralized economy goes dictatorial government. You can’t have one without the other for a simple reason: no one willingly pays the penalty for someone else’s malfeasance...
Centralized economies require powerful politicians to force obedience as taxes skyrocket and blatantly biased laws protect the wealthy and powerful at everyone else’s expense...
Negotiations over the weekend modified this outrage, but the bill still empowered Paulson beyond anything the Constitution remotely authorizes...
Potent politicians, a centralized economy… Perhaps you’re reminded of other nations with repressive rulers and controlled economies that our grandparents fought in a worldwide war. Turning again to the dictionary, we find “fascism” defined as “any movement, ideology, or attitude that favors dictatorial government, centralized control of private enterprise, repression of all opposition, and extreme nationalism."
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It’s tough to argue that a nation waging an unprovoked, unjustified war in Iraq while battling poppy farmers in Afghanistan and ginning up a third war against Iran is anything other than extremely nationalistic.
Bailout Fascism Passes
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