On the politics which led to the political bailout:
[Q] - From where I sit, the United States government has embarked
on two pieces of social engineering in the last few years. One was to
make oil expensive as expensive as possible to drive people to greater
use of alternative energy sources – because anything less would be
irresponsible and destructive to the environment. The other was to
enshrine home ownership (i.e., easy-to-obtain mortgages) as a new
American right – because anything less would be unequal and racist.
None of us voted on these decisions – indeed, neither was even
spoken about directly, much less debated. But nevertheless, both
became national policy . . .and both have sparked national, now
international, crises. Then, once they became crises, both were blamed
on ‘greedy capitalism’, instead of what they really were: legislative
interference into market forces. . . . To my mind, what makes this
economic crisis different from ones in even the recent past is that it
has exposed the fact that there are, apparently, no real leaders left
in Washington – that the intellectual capital in the National Capitol
has fallen to a new low – if that’s possible. Most of all, it shows
that we can no longer look to D.C. for leadership into the rest of the
21st century. -
http://pajamasmedia.com/edgelings/2008/10/03/the-end-of-an-era/
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