It’s true. Like Metallica said, “Sad but true.”
MOAB (Mother of All Bailouts) is only the first modern step towards economic fascism/socialism, notwithstanding the foundation of the New Deal and its blueprint for government interventionism.
How have we come to this? How have we abandoned personal responsibility in favor of the nanny state and its promises of economic security? Fear is a strong emotion and one in which dictators and government officials have for long been able to exploit in populations in order to exert control and domination over society. This is the case again as particular individuals and entities, most notably congressional Democrats, will again use the fear of economic insecurity and instability in order to forever change the makeup of our economy.
Follow me…It is interesting that the term MOAB is being used to describe this bill. I’m not for sure who first coined this term, though my first reading of it was from Michelle Malkin, but it is apropos to describe this bailout bill. Moab was a nation that was historically at odds with Israel and they worshipped a destructor god by the name of Chemosh. Chemosh was a destroyer, a subduer, and the practice of human sacrifice was popular in the worship of him. In order to create economic stability and “right the ship,” we are willing to sacrifice ourselves up to the government, in that our sacrifice will appease the government god and save us all from a depression or recession. Are we so blind as to believe that government can save us? When has government ever instituted a program that was viably sound?
I am appalled that many Republicans seem to favor this measure, especially with Senator McCain, and have, therefore, abandoned their core principles of free markets and personal responsiblity. Capitalism must maintain the freedom to fail. Not only should we foster the opportunities to succeed in a free market system, but we should also leave open the freedom to fail, the freedom for companies to have profit and loss. Without that freedom, there is no freedom. Companies would be emboldened to embrace riskier and riskier ventures because they know that the nanny state will be there ready to bail them out. Budget deficits, in this scenario, will continue to grow and the burden upon the American taxpayer will only increase. In an effort to stabilize the economy the government is prepared to drown us all in a turbulent sea of debt. This is unacceptable.
I applaud those House Republicans who had the courage and intellectual consistency to maintain their principles and beliefs in capitalism and free markets. I am especially proud to see that my congressman, Jack Kingston (R-GA), was able to maintain his principles and stand in favor of free markets. I only wish that more would do so.
Would the economy crash if we did nothing? Perhaps. I believe that depressions and recessions are natural events in the course of history. They are inevitable, and any attempt to blindly oppose this inevitability would only create more problems down the road. In order to solve a short-term crisis we will, in the end, only create a much worse long-term crisis of government interventionism run amok. It is a fact that the New Deal did nothing to end the Great Depression or even to slow it down. Did it ease the pain for some individuals? Sure, but it did nothing to solve the depression. Free markets eventually righted the ship and would have done so whether or not the government intervened. There is actually evidence that the New Deal, by creating mountains of debt and deficits, only prolonged the Great Depression. I fear that we could be doing the same thing, attempting to save the country but only prolonging the pain when it arrives.
All of this isn’t surprising considering how our nation is now neck-deep in an Age of Entitlements, a citizenry looking for handouts and the quick buck. A man recently sued because he damaged a tooth while chewing on an unpopped kernel at a movie theater. When I participated in the National Genographic Project my grandmother wanted to know if I had proof of Native American ancestry because she wanted a check. Americans are continuously playing the lottery and falling prey to pyramid schemes hoping for a quick fortune rather than working and saving for it on their own. Food stamps, welfare checks, and tax rebate checks are popular with a society that is eager to obtain free money. Ambulance chasing trial lawyers are raking in the money by a population bent on the quick dollar.
President Truman once said that the buck stops here. That doesn’t seem true now. Companies are unwilling to accept personal responsibility for bad practices that brought mounting losses against them. Individuals are unwilling to accept personal responsibility for their own decisions to buy homes they could not afford. Rather than accept that negative consequences are a result of their own bad choices, they are looking for the government to save them, and the government is only too willing for to do so in order to continue and expand control over the private sector and individual lives. The one who has the money has the power.
This government intervention known as MOAB is pure economic fascism/socialism. Jonah Goldberg pointed out a statement once made by Benito Mussolini where he stated that profit was private and individual, and loss was public. In other words, companies should be allowed the freedom to reap profits free of government interference, but if they experience loss then the government must step in and absorb the loss. This is the nanny state.
The best course of action is to stand our ground and demand that our leaders maintain their principles and beliefs in the free market. The market may dip, or even crash, and the chicken littles will all crow if it does, but these dips are natural and inevitable. The market will rebound if we allow it to do so. We must maintain our support of free markets and reject any attempt to allow a nanny state to impose control and regulation on those markets.
I hope everyone understand that this will only be the first step towards economic fascism/socialism. Once the government gets its hands in the cookie jar it never, ever takes it back out. If the bailout does not achieve its desired results then the government will only provide more and more funds to continue the bailout, thereby increasing our debt at a record pace. If that doesn’t work, then what next? Nationalization of the banking industry? The government would be able to make a convincing argument being that it is only a small babystep from the previous bailouts. They will whip up fear and uncertainty in the American populace and convince them that this will stabilize the economy and save the nation.
Sadly, this will be inevitable under an Obama administration. MOAB will forever change our markets and will hasten the death of fiscal conservatism and capitalism. More and more we will begin to resemble the failed socialist economies of Europe and, perhaps, will never be able to remove government from this economic interventionism and reinstitute free markets again. Our future is at stake right now. Will we abandon capitalism for the false security of socialism? Will we bury personal responsibility in favor of government interventionism? This is momentous, on what side are you?